Shareholders dispute in private limited company

What are the terms and conditions of the partnership firm?

Is the firm registered or unregistered?

Your partner cannot insist the illegal demands if they are not part of the conditions of the partnership deed.

You may consult a good CA from your side before taking any legal decision 

Sir its a Private limited company. There is no specific rules we create when we start the company. As per the MOA share holder is only liable to paid up capital. Now my partner is demanding 2 lakhs and my shares from me for myself leaving the company. Myself also a director and he already denied the access of company bank account. Now he is keeping all the company assets as a security and there is no agreement for that. I have already discussed CA and he told me that I am not liable for any company debts. As its a legal entity. But stil he is demanding money and threatning me that he will take me to court.

If he is threatening to sue you then you may better issue a legal notice demanding your dues, failing which you can approach court with a suit against him. If he is filing a case against you, it will be better for you to file a counter claim in the same suit to press your demands and also challenge his unlawful claims properly, better consult a local lawyer and proceed as suggested.