Special CBI Judge Bharat Parashar also convicted the coal ministry's then joint secretary K S Kropha and then director K C Samaria besides others in the case pertaining to alleged irregularities in allocation of Thesgora-B Rudrapuri coal block in Madhya Pradesh to KSSPL.
The court will pronounce the order on quantum of sentence on May 22.
The court, however, acquitted chartered accountant Amit Goyal in the case.
Besides Gupta, Kropha and Samria, the court also convicted the firm KSSPL and its managing director Pawan Kumar Ahluwalia.
During the hearing, the CBI had alleged that the application filed by KSSPL for the coal block was incomplete and was supposed to be rejected by the ministry as it was not in accordance with the guidelines issued.
The CBI had charged that the firm had misrepresented its net worth and existing capacity, adding that state government had also not recommended the firm for the allocation of any coal block.
The accused, however, denied the allegations during the arguments.
Around eight different charge sheets have been filed against Gupta and proceedings are going on individually. The Supreme Court had recently dismissed his plea seeking joint trial in all these cases.
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