The Directorate General of Civil Aviation grounded four Learjet 40/45 aircraft of VSR Ventures after a safety audit flagged non-compliance in airworthiness and operations.
The action follows the January 28 crash of a Learjet 45 near Baramati that killed Maharashtra Deputy CM Ajit Pawar and four others.
The Aircraft Accident Investigation Bureau is expected to release a preliminary report by February 28 as investigations continue.