Let me guess. You're an MBA. You've probably spent lots of time polishing your presenting skills and becoming a good salesman, and polish and presentation are important to you.
Here's the thing - all that polish and poise is useless unless you actually have a product to sell. In order for that to happen, someone has to be creating something of value.
Welcome to how the other half lives.
Is he getting the job done? Do you have a product? Is it progressing? If you can answer yes to these questions, then please get over yourself. You're one of the founders - not the founder. No offense, but suits have a tendency to be seriously arrogant and think that the entire company revolves around them. It doesn't. Stay up until one in the morning trying to work around an obscure, undocumented bug in an unstable library sometime, and then see how you feel about coming in later in the day.
Also, at the risk of wandering into dangerous territory, from the name I gather you're Indian, and I'm going to guess you're Indian in the sense you actually where born and grew up there.
Guess what - you're not in India any more. Business is done differently around here. Unless someone is working in sales or customer service, or works hours so incredibly bizarre that they can't communicate with anyone face to face ever, there's absolutely no call for this overbearing, you-will-work-when-i-tell-you-too attitude.
He's a programmer - an educated, trained technical professional - not a floor sweeper. Treat him like a programmer.
You have an opportunity here. Please do the world a big favor and don't become yet another prick CEO.
See Also: http://paulgraham.com/makersschedule.html and http://paulgraham.com/opensource.html