Ottawa Senators owner Eugene Melnyk is appealing an Ontario Securities Commission ruling that found he acted contrary to the public interest in 2003 while he was CEO of Biovail Corp.

The ruling focused on events in the months before and after Biovail’s announcement that it would miss its 2003 third-quarter earnings target.

The Sept. 30 ruling said that the OSC enforcement branch hadn’t proven Melnyk broke the law but his conduct was “contrary to the public interest” — and ordered the two sides to schedule a hearing to determine sanctions.