In its petition, city-based Indian Cements Ltd (ICL), owner of Chennai Super Kings (CSK), also sought a stay on the committee's last month order.
It contended that the committee's order was against fundamental principles of natural justice and a fair hearing.
Star-studded Mahendra Dhoni-led CSK and Rajasthan Royals were on July 14 suspended for two years from the League in a clean-up of cricket following the 2013 betting scam involving their top officials Meiyappan and Raj Kundra.
The punishments were handed down by a three-member panel headed by former CJI R M Lodha which was asked by the Supreme Court to decide the quantum of punishments after finding them guilty of betting.
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In its petition, India Cements alleged that imposing punishment on the franchise (CSK) without going into the charges or the alleged offence committed was against the principles of natural justice and a fair hearing.
While referring to the Supreme Court order in January last, the petition said "Gurunath Meiyappan had been (found) guilty of betting but not spot-fixing, match-fixing or misuse of inside information...Meiyappaan never had shares in India Cements nor was he is in the management of the company.