The midfielder was sent off after being adjudged by referee Euan Anderson to have hauled down Clyde’s Ross Cunningham in the box. The resulting spot kick was converted by David Goodwillie, but the ten men Bairns held out for all three points.
Hetherington had already been sent off this season having been given his marching orders at the Penny Cars Stadium in August.
A club statement read: “We can confirm that the club's appeal against Steven Hetherington's sending off against Clyde has been successful.
“Steven goes back into contention for Saturday's cinch League One fixture against Alloa Athletic.”
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After the match head coach Paul Sheerin was incensed at the call saying: “It just isn’t a foul. Euan has rushed to make the descion.”
Hetherington is now free to face his old club Alloa on Saturday.