Cheating by CA and investor/ director

A Chartered Accountant (person A) - through excellent marketing & convincing power - convinced me to start a construction based Pvt. Ltd. company with him and another acquaintance (Person B) of his - 5 years ago. He appointed a family member of his on his behalf (Person C) - as director (since he wanted to act as the company CA). The other directors appointed was his acquaintance (Person B) & myself. On paper, each director invested equally - toward buying an existing company & purchasing a plot of land for construction. However, due to his (Person A) financial expertise - all the power remained in his hands. He was the one who purchased the company on our behalf. He was the one who introduced us to the Land owners. It was foolish of us to have trusted him. After a year of purchasing the company, he informed us that the company had an outstanding tax liability of xxx amount from the previous years (which was greater than the amount we had invested) and said that we as a company would be liable to pay that now. We also doubt that he provided mis-leading information while purchasing the company & land and has cheated us by way of such information. Since the last 5 years, he has changed the director (who acts on his behalf) twice. He now wants to change the director again - this time bringing in a completely unknown person. He is adamant on his decision. However, Person C and myself are against the decision. On further enquiry, we got to know that he wishes to get rid of the liability and thus is taking the step. These are just some instances of the ways in which he has been mis-using his powers since the last 5 years. Is there any remedial or legal approach for such a case?