In a 150-page judgement, First Additional District and Sessions judge K P Sudheer pronounced the verdict sentencing 40-year-old Nisham to life imprisonment besides an additional 24 years imprisonment for various offences under IPC.
"He is likely to be behind the bars for 39 years," Special Public Prosecutor (SPP) C P Udayabhanu told PTI later.
Nisham, whose business earnings are reportedly worth over Rs 5000 crore, was composed when the verdict was pronounced. He was later taken to the Kannur central jail.
The court had yesterday found him guilty for the brutal manner in which the 51-year-old security guard Chandrabose was beaten up and mowed to death on January 29 last year.
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The judge also directed that the deceased guard's wife Jamanthi be paid Rs 50 lakh from the fine amount and asked the prosecution to launch proceedings against Nisham's wife Amal, a witness who had turned hostilein the case.
Kerala Home Minister Ramesh Chennithala, said the government was not satisfied with the verdict and was contemplating filing an appeal. "Discussions are being held with the Director General of Prosecution (DGP)," he said.
Unhappy with the judgment, Jamanthi, the deceased guard's wife said "we have not got the justice we expected. Nisham will be happy in jail no matter how many years he is behind the bars."
The family was not interested in the fine amount, she added.
Nisham, who was in an "inebriated" state, had assaulted Chandrabose (51) and later rammed his luxury vehicle against him in the early hours of January 29 last.
He was irked over the delay in the guard opening the main gates of a posh residential complex 'Shobha city' here.
The severely injured guard, treated in a hospital with ventilator support, died on February 16.
The case had evoked widespread protests across the state.
He had at first grabbed media attention in April 2013 when he allowed his nine year-old son to drive a Ferrari F 430 Scuderia and then uploaded the video on YouTube, following which a case was registered against him for abetting underage driving and violating Motor Vehicles Act.