The stand is likely to be communicated to the Information and Broadcasting Ministry as Union Information and Broadcasting Minister Arun Jaitley had written a letter to Home Minister Rajnath Singh on the issue, official sources said here.
The company operates 45 radio channels under the brand name Suryan FM in Tamil Nadu and Red FM in rest of the country.
The Home Ministry said the company and its owners were allegedly involved in 2G scam, alleged bungling in Aircel-Maxis deal as well as running an "illegal" connections of telephones used for uploading their content, the sources said.
Under the switchover of phase, the company could operate more channels in the same bandwidth.