Disputes between 2 members in the pvt ltd company.

Dear sir, my father and his friend started a company by 50% shareholder each.Both of them are directors also.company was incorporated in 2012.my father and my brother gave their full time to grow the business.we also bought money by way of unsecured loans in the company.But other director i.e(my fathers friend) never gave his time and have not invested any money in the company other than his equity.as he was not taking interest in the business my father told him to resign as a director and transfer his shares.now in 2015 few months back he suddenly transfered a huge amount from the company to his own company without asking my father and demanding a huge amount for transfer of his shares (without any valuation method) and his resignation.he is also not signing cheques and payments to creditors are stopped.my questions are 1) Can we take legal action against him and how? 2) how the valuation of shares can be done? 3) how can we save company from liquidation? Thanking you.