A bench headed by Chief Justice Altamas Kabir said that an audio disclaimer would also be aired before the song is played on radio and also cautioned the filmmaker to be "careful" in future for not hurting sentiments of other people.
The court passed the order on a petition filed by leading shoe manufacturing company Bata alleging the song is defamatory in nature and projects the company in bad light.
The company approached the apex court after the Delhi High Court had allowed release of the film with the controversial song.
"The lyrics in the song are offending and would cause serious harm to the firm's reputation and goodwill," senior advocate Ranjit Kumar, appearing for Bata, contended, adding that song says that "the company exploits the poor and suck them to make profits."
He contended that the company operates in 46 countries and the song would damage its image globally.
The bench, however, was not satisfied and allowed release of the film with disclaimer that the song is not meant to show any disrespect to the people whose names are mentioned in it.
"Chakravyuh" is scheduled for released on Dusserhara (October 24). Its popular number on "mehngai" mentions various leading industrialists including Bata. The song talks about the skyrocketing prices and unequal distribution of wealth in society.
It was also brought to the notice of the apex court that other corporate house Birla also filed a case against Jha in Calcutta High Court which also allowed release of the film with disclaimer.
