Shahbaz and the Election Commission of Pakistan have been named as respondents in the petition filed by Babar Awan on behalf of PTI chairman Imran Khan.
The plea alleges that Shahbaz has "violated his oath" that he took when he assumed the office of Punjab Chief Minister as he remained involved in his private business despite holding a public office.
"Mr Shahbaz Sharif...preferred his personal interest over national interest by abuse of his influence and through his official conduct as well as by misuse of his official decisions," Dawn quoted the petition as saying.
The petition also alleged that the sugar mills of Shahbaz are illegal as they were established "without the approval [of] the Environment Impact Assessment".
According to the report, the petition also accused the Punjab Chief Minister of misusing his authority to protect his sugar mills.
The PTI's petition would be heard by the Lahore High Court's Justice Shahid Karim on Tuesday. (ANI)