Business partner not fulfilling responsibilities and wants to quit

In 2012 I registered a pvt Ltd company. In 2014 as a director I started operations in secunderabad, along with a business partner from kerala ( also a director ). Every month he drew a salary plus travel expenses. I didn't take any income as we had just started the business and it still needed to pickup. From past 1 month my partner is not answering my calls, nor emails. He is neither handing over the stocks, nor the samples, nor the income and expenses report,nor the stock statement. During the last discussion he said that he wants to get out of the business. He also stated that he wants his name removed from the business loan, so that he does not have any liability. Have asked him to sought out things amicably and return things so that I can get it checked with the CA and once accounts are cleared he can leave. But he refuses. The suppliers are calling me for payments, but I can't make any money and repay, as my partner has the stocks. Please advice what action can I take.