The Tokyo High Court heard arguments Friday from Livedoor Co. and Nippon Broadcasting System Inc. over the appropriateness of a district court order barring the radio firm from issuing stock warrants to Fuji Television Network Inc., sources said.

The high court will probably hand down a ruling shortly because NBS has said it would issue the subscription warrants Thursday if a court overturns the injunction that was issued March 11 and then upheld Wednesday by the Tokyo District Court.

A subscription warrant refers to a right to buy new shares at a prescribed price, usually over a certain period. In the case of the NBS warrants, they could be converted into new shares from March 25.