During the proceedings, the court said that Bihar vigilance Director General, Janata Dal (United) leader Jagdish Sharma and former Bihar Director General of Police D P Ojha are the main masterminds in the scam.
According to legal experts, Lalu Prasad would be able to apply for bail immediately at the lower court itself if the quantum of sentence happens to be less than three years.
Lalu Yadav told the court in his characteristic style that he too was a trained lawyer, registered to practice in the high court and Supreme Court.
It had deferred announcing the punishment against Prasad and others for the second consecutive day on Thursday.
Wednesday is 3 January and number three is bad omen for Lalu Prasad, IANS report said.
Fodder scam case relates to fraudulent withdrawal of Rs 89.27 lakh from Deoghar treasury 21 years ago.
Lalu Prasad is at present cooling his heels in Birsa Munda Central Jail in Ranchi.
Deferring the judgment to Friday, judge Shiv Pal Singh said that he would decide whether or not to give the sentence over video conferencing.
The 15 accused in the case, including Lalu, have been convicted for offences of cheating with criminal conspiracy under the Indian Penal Code and the Prevention of Corruption Act.
Fifteen others, who were convicted in the scam, will also be sentenced today along with Lalu Prasad waited in the court.
The trial in the case was completed on 13 December in the special CBI court and 10 days later, he was convicted on 23 December. Under the sections, Lalu can be sentenced a minimum jail term of one year and a maximum of seven years, his advocate Chittaranjan Prasad had said.
He added that the former Bihar CM had already been awarded five years of imprisonment in 2013 in fraudulent withdrawal of Rs 37 crore from Chaibasa treasury.
Tejashwi Yadav, Raghuvansh Prasad Singh, and Manoj Jha allegedly made objectionable remarks after Lalu and 14 others were found guilty by the court in a fodder scam case on December 23.