But new owner says Thukkaram firing based on poor results
Ram Thukkaram, who was fired as president and chief executive officer of Ganton Technologies Inc. last December, has sued the Sturtevant manufacturer, charging that its majority owners "instigated a systematic plan to usurp" his power and force him out of the company.
Ganton violated Thukkaram's employment agreement, and the firm's controlling shareholders reneged on promises to allow him to buy a larger stake in the company, according to the suit, which was filed in May in Cook County (Ill.) Circuit Court.
An investment group including New York investment firm Cerberus Partners L.P. owns 90 percent of Ganton. The suit charges that the chief investors, led by Cerberus executive and Ganton chairwoman Joyce Johnson-Miller, offered Thukkaram an unreasonably low price to buy back his 10 percent stake in the company.
The suit is an attempt to …