The IFA players' status committee said both parties should respond to the order within 72 hours, otherwise it would be null and void, as Mohun Bagan termed it a harsh decision, while it was a moral victory for East Bengal.
"The committee felt that he did not handle the issue properly so he has been slapped a fine of INR 5 lakh that would go to the (IFA) benevolent club," IFA secretary Utpal Ganguli said.
Further, Ozbey would have to pay East Bengal his one-month's salary (USD 18,450) and send a letter of apology to both his former club and IFA in order to procure his player's registration token.
The IFA has also written to East Bengal with a request to withdraw the case against the Australian at the city civil court and return the token after getting the letter from the player.
East Bengal had moved court, terming Ozbey's move to Mohun Bagan as "illegal" and demanded that he should play for the red and golds in the ensuing football season.
Reacting to the decision, Mohun Bagan general secretary Anjan Mitra said: "It's really harsh and tough on him. But we want to sort this out so that he can play for us without any hassles."
An East Bengal official said, "The decision proves that we were right. It's a moral victory for us."
