The company should have reported its results weeks ago because its financial year ended four months ago. Under stock exchange rules, companies must report their results no later than 120 days after the ending of their financial year. That deadline expires on April 30.
A spokeswoman at the Financial Services Authority said: "The FSA requires companies to submit their results within 120 days following their financial year-end, or their shares are suspended."
Last month, SMG said it would announce a date for its postponed full-year results once the arrangements of the financing have been finalised.
SMG has been dogged by financial worries and has been the subject of constant takeover and break-up talk. Latest reports suggest that talks about securing future loans for the media group, which also owns the Herald newspaper, have ground to a halt.
Last month, it was reported that it had negotiated a deal with its banks to keep the heavily indebted firm funded until June 2003.
However, it now appears that refinancing talks are far from concluded. Speculation emerged in early March that the company, which owes around £400m, was to be broken up and its key assets, such as Virgin Radio, sold off.
SMG got into debt through a series of acquisitions at the top of the market, including the purchase of Virgin Radio and increasing its stake in Scottish Radio Holdings.
It appointed Deloitte & Touche last year to look at ways of restructuring the business and helping reduce its debt.
The break-up reports appeared in The Business newspaper and SMG accused its publisher, Andrew Neil, of trying to destabilise the company.
The Business is owned by the Barclay brothers' Press Holdings, which owns Scottish newspaper The Scotsman, a rival to SMG's Herald.
Recent speculation has indicated that the Barclays would like to merge The Scotsman with The Herald to create a stronger Scottish daily newspaper.
SMG owns the Grampian and Scottish Television ITV franchises.
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