British national Nadia Khan, then 26, Gustad's assistant for the shoot, was hit by a train while standing on a live track during the shooting of a film in Mumbai, reports the BBC.
However, Gustad, who directed Boom starring Katrina Kaif, will not be sent to prison as he had served a month in jail during the trial.
The other five accused in the case were acquitted of the charges of destroying evidence.
The decision came after a lengthy trial when a more serious charge of culpable homicide was changed into 'rash and negligent act'.
Police said that the crew did not have permission to film on the tracks.
Gustad had initially given false information to police. He told the cops that Khan had died in a road accident.
A Mumbai court also fined the director 1,500 dollars.
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