The apex court said it would consider issuance of notices against Sharif and Shah on December 8 if a permanent CEC was not appointed by December 5.
A three-member bench of the apex court, headed by Chief Justice Nasirul Mulk, was hearing the case about the appointment of a permanent CEC.
Attorney General Salman Butt was unable to convince the court in writing that the CEC post would be filled by December 5, the Dawn reported.
Butt told the Supreme Court that sincere efforts were under way to appoint a new CEC by the Dec 5 deadline.
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The court also said that its previous decision to withdraw Justice Anwar Zaheer Jamali of the apex court on December 5 from the post of CEC would remain if the government and the opposition did not honour the court's deadline.
The hearing of the case was subsequently adjourned to December 8.