Sippy moved the apex court challenging the Bombay High Court's order refusing to stay the release of the film which is scheduled for Friday.
Ramesh Sippy, who had directed the original movie 'Sholay', is in dispute with his nephew Sasha over the rights of the film which was released in 1975.
Sasha, who is the son of Ramesh Sippy's brother Vijay Sippy, had recently announced making a 3D version of the movie which is to be distributed by Jayantilal Gada.
In the High Court, Sasha argued Sippy had no rights over the movie and he could not oppose the production and release of Sholay's 3D version.
Sasha and other members of the Sippy family contended they were associated with Sholay Media and Entertainment Pvt Ltd formed in 2000.
They said Ramesh Sippy never made any copyright claims when their company had dealt with and commercially exploited Sholay's rights several times earlier.
Sasha and others had contended that in the year 2000, Sholay Media and Entertainment Pvt Ltd came into being and rights of the movie were transferred to this company by Sippy Films Pvt Ltd through a gift deed.