Hi Abhishek Chavda,
I dont think there is any functionality to delete a released item from all companies in one go.
As you said stop and item then you can use stopped check mark in default order settings for the released products form to stop any further transactions for that item in future. This although needs to be done for all the legal entities where this item is released.
Check stopped check mark for purchase, inventory and sales fast tab to completely stop item from further transactions.