Those let off by Special Court Judge R Narayana Pisharadi included CPI(M) district secretariat member P Mohanan, who allegedly conspired to murder RMP leader Chandrasekharan.
A total of 36 persons faced the trial. Twelve were convicted today and 24 acquitted.
The quantum of punishment is expected to be pronounced tomorrow after hearing the defence and prosecution.
Chandrasekharan, once a CPI(M) functionary from the party bastion Onchiyam near Vatakara in Kozhikode district, was hacked to death by the first seven accused on May 4, 2012.
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The case had brought CPI(M) in the state under a cloud for long.
Not only did its political rivals blame the party for the brutal murder, but even Marxist veteran V S Achuthanandan often made statements casting suspicion on the role of the party behind the murder.
Reacting to the verdict, CPI(M) state secretary Pinarayi Vijayan said it vindicated the party's stand that it had no role in the murder and exposed the bid by the UDF government and a section of media to make political capital out of it.
Mohanan's wife and CPI(M) MLA K K Lathika said she had nothing more to add than what the party leaders had said.