Can a company prevent a co-author of a paper from putting his name on it?
Other responses talk about the law. However, if the paper, as I assume (after all this is academia.SE), is academic, there is another set of values that rule the matter, and that is defined by the academic rules for authorial attribution of scientific contributions; unlike patent or copyright ownership, they are not waived by working for a company. 

Moral rights or not - if you have significantly contributed to the paper (as evidenced by the first submission round), academically spoken, you are a co-author. Removing you is unethical and a breach of academic rules. It is academic misconduct. There is no "ghostwriting" in academia.

Laws or not: the decision to take away a doctoral title is in many countries not a legal, but an academic decision, to be decided by the academic institution that conferred it and not by court. Similar here: the judgement whether this is academic misconduct is happening on the academic, not the legal level.

Note: the fact that they demand the drafts seems to indicate that they know this and try to deprive you of the evidence that you have been co-author on a virtually identical copy; which, if in your possession, would prove that you were a co-author and should remain so for the resubmission. 

This may well be a legal trick on their side to improve their position in an academic misconduct investigation. On that part of the matter, you may need the support of a lawyer if you intend to fight, because of course, the company may have the ownership of the ideas and the copyright. But not the right to remove you as co-author.