I'm not sure that you can sue this company in any jurisdiction, as it is not totally clear why you are entitled to shares and a seat on the board.
It sounds like you were involved in a business 5 years ago and got paid for your work. It does not sound like you have any ownership or directorship rights in the business.
Am I missing something here?
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Unfortunately it doesn't seem like you have a cause of action unless you can prove you were expressly promised shares in the company. Even then, it will be tough to sue an Indian company in an American court if there is no principal place of business or headquarters in America.
This may be an interesting case of transnational litigation. It may be. From what you say you may have some grounds to explore: (1) the 5 years old agreement you entered into with him; (2) the new agreement, if any, you have reached with him; (3) any non compete agreement you reached - or you did not - with him.
Ultimately, you (I mean the attorney you are going to select) need to find a jurisdictional link justifying a cause of action brought under US law in a US court. Something not easy here only because more facts are needed. My recommendation is to work with an international firm. Best and good luck.
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