Central Bureau of Investigation (CBI) has found more evidence in the Satyam fraud case and filed a second charge sheet holding B Ramalinga Raju and his accomplices responcible for "having inflated the revenue of the company by infusing false and fictitious sales invoices and shown the amount received and deposited as fixed deposits in various scheduled banks." On January 7, the CBI filed a 30-page second charge sheet against B. Ramalinga Raju and three others of erstwhile Satyam Computers and two auditors from Price Waterhouse at the Additional Chief Metropolitan Magistrate court. The chargesheet consists of 32 documents and 26 witnesses and the entire documentation runs into 3,552 pages.

Navratna oil exploration company, Oil and Natural Gas Corporation (ONGC), said on February 1 that planned to invest $4 to $5 billion (Rs. 18,800 to Rs. 23,500 crore) in exploration over the next four to five years in the Krishna-Godavari basin. It would start exploration in four locations in KG basin next year (2011).

French cement major, Vicat, on April 19, announced acquisition of 51 per cent stake in Bharathi Cement Company Limited (BCCL) promoted by Cuddapah MP, Mr Y S Jagan Mohan Reddy. BCCL operates a cement plant of two lines with a capacity of 5 million tonnes per annum. However, the company did not disclose financial details of the deal.

MTS, the mobile services brand of Sistema Shyam Teleservices Limited (SSTL), has on May 11 rolled out its CDMA mobile services in Andhra Pradesh besides unveiling aggressive tariff plan of half a paisa per second as promotional offer.The launch in Andhra Pradesh completed MTS’s roll-out in South India and prior to AP, the company unveiled its mobile services in 11 circles as part of its pan-India coverage.

DRS Group, which has interests in logistics and education, on May 19, announced the launch of Edify Schools on a franchising mode. It planned 11 own schools in the country with an investment of Rs 465 crore and the investment would be raised through Enam Financials. The remaining schools would be set up through franchise. The target group for the schools is the middle class in the Tier-II and Tier-III cities.

Hyderabad -based MIC Electronics Limited announced, on May 27, its plans for capacity expansion of its LED lighting devices with an investment of Rs 240 crore. The company decided to expand its production capacities of solar LED lanterns as demand for LED lighting devices was growing exponentially.

DQ Entertainment, the animation, gaming, live action entertainment production and distribution company, announced a broadcast agreement, on June 10, with leading children’s entertainment channels Cartoon Network and POGO, both part of Turner International India Pvt. Ltd. for the first and second sequel of animated feature Balkand. This exclusive agreement for Turner’s South Asia feed, confirms DQE as the leading animation studio in India

Hyderbad-based Sujana Group on June 11 forayed into business management education segment by launching Sujana School of Business (SSB). The new business school will offer a two-year full-time Post-Graduate Programme in Management (PGPM), which will be recognized and awarded by the Jawaharlal Nehru Technological University (JNTU).

At least two persons were killed in police firing, over 60 injured in clashes when protests against foundation-laying ceremony of Nagarjuna Construction Company’s (NCC) thermal power plant turned violent at Sompeta in Srikakulam district on July 14. Subsequently, the National Environmental Appellate Authority (NEAA) cancelled the environmental clearance for the 2,640 MW thermal power project.

The consortium led by Mahindra Satyam, the rename entity of Satyam Computer Services Limited, was among the three which were selected for first-phase implementation of Aadhaar programme of Unique Identification Authority of India (UIDAI), which aims to provide a unique identification number to all the 1.2 billion Indian citizens. Mahindra Satyam formed the consortium with biometric specialist Morpho for the contract.

Construction major Larsen and Toubro Limited bagged the Rs 12,132-crore Hyderabad Metro Rail project on August 4. L&T bagged the prestigious contract after it bidded for lowest amount of Rs 1,458 crore as Viability Gap Funding (VGF) for the project.

Hyderabad-based SKS Microfinance’s stock was listed on the Bombay Stock Echange (BSE) on August 16 , as the Vikram Akula-founded company raised US $ 358 million (over Rs. 1,600 crore) from the public by selling 1,67,91,579 shares consisting of 74,45,323 fresh shares and 93,46,256 shares from existing shareholders. It is the first microfinance company in the country to go public.

Byrraju Ramalinga Raju, who was arrest in the multi-crore Satyam Computer scam, was granted conditional bail on August 18 by the Andhra Pradesh High Court. Mr. Raju confessed to having fudged the accounts and cooked the books of the Hyderabad’s IT bellwether on January 7, 2009 sending shockwaves among almost every Indian watching the corporate perch itself on an enviable pedestal.

Prime Minister Dr Manmohan Singh laid foundation stone for the much-awaited Rs 6,000-crore NTPC-BHEL power plant equipment manufacturing plant at Mannavaram in Chittoor district on September 1. The project which will create 6000 direct jobs and 25000 indirect employment opportunities by the time of its completion in 2014-15, is expected to spur development in this backward region of the State. The plant will produce equipment required for generation of 5000 MW power annually.

Mahindra Satyam, the rebranded entity of scandal-hit Satyam Computer Services, announced restated financial results on September 28. It clocked net losses of Rs 123.9 crore on revenues of Rs 5,481 crore during the fiscal 20090-10. According to the restated accounts of the company that come after the famous confession statement of Ramalinga Raju of having fudged the company's accounts, Satyam clocked a huge net loss of Rs 8,174 crore for the fiscal 2008-09 on revenues of Rs 8,812 crore.
It was found that during the tenure of the founder-chairman Ramalinga Raju, Satyam has shown fictitious revenues to the tune of Rs 5,352 crore and fictitious interest income of Rs 899 crore. The forensic accounting undertaken by hundreds of accountants, for the period between April 2002 and September 2008, disclosed that there were also salary costs of Rs 500 crore and interests on bank borrowings of Rs 17.5 crore that went unaccounted.

Facebook, which revolutionized social networking phenomenon across the globe and currently has 500 million active users across the world, including 15 million in India, has commenced its Indian operations on September 30 by opening its office in Hyderabad. The Hyderabad office is handling user, advertiser and developers’ operations of the social networking site.

Hyderabad-based Ramky Infrastructure Ltd had raised Rs 530 crore through a public issue, with an IPO price band of Rs 405-468. The issue was subscribed 2.89 times. The stocks of company were listed on National Stock Exchange on October 8.

In October, the Supreme Court has cancelled the bail granted to Ramalinga Raju, disgraced founder of Satyam Computer Services, and his five close aides who were allegedly involved in what it termed as “the greatest corporate scams of the commercial world”. The accused were ordered to surrender before trial court on or before November 10, which they did.

Following a spate of suicides by borrowers of micro loans, Andhra Pradesh Government promulgated an Ordinance on October 15 to regulate activities of microfinance institutions in the State. The Ordinance stated that no MFI would recover from the borrower as interest, a sum greater than the principal amount, without mentioning a ceiling on interest rates. It imposed restrictions on recovery methods and made monthly loan installments mandatory in the place of weekly collections.

Hyderabad-based IVRCL Infrastructures & Projects Limited marked its’ forayed into international market by bagging two projects from Saudi Arabia and one in Nepal. The total value of the three contracts is pegged at Rs 1,975 crore.

Janapriya Projects, a joint venture between city-based Janapriya Engineers Syndicate and Kotak Realty, on October 28, signed a technology deal with Finland-based Elematic for setting up precast concrete unit in the city. Elematic provided equipment and technology for the unit which will produce precast concrete wall panels for the use in the construction of Rs 700-crore Janapriya Lake Front Township in Hyderabad.

NSL Textiles, part of the Nuziveedu Seeds Limited (NSL) Group, forayed into branded apparel segment when launched its ‘Constello’ brand in the market on October 30. Telugu movie star NTR launched it at glittering function in Hyderabad.Beginning with 11 stores in Andhra Pradesh, NSL is planning for a rapid expansion in South, Central and North India. The company aims to have pan India presence by 2013 with full family experience, which include women’s wear and kids wear.

The magnificent Falaknuma Palace, which was built over a ten-year period from 1884 by the then Hyderabad Prime Minister Vikar Ul Umra and subsequently used as private residence by sixth Nizam Mehboob Ali Khan, has been converted into a fabulous star hotel by the Taj Resorts and Palaces. Opened for guests from November 1, this newest jewel of hospitality world has 60 exquisite rooms and suits with entry-level ones costing Rs 34,500 a day. The grand presidential suite, aptly named Nizam Suite, has a private swimming pool and a host of other super luxury features. And this priceless suite sets its occupant back by a whopping Rs 5 lakh a day.

The City of Pearls has got another jewel in its crown. Iconic sports car maker and world renowned automobile brand Porsche opened its outlet in Hyderabad on November 18 (Thursday). In the process, Hyderabad became the first city in South India to have a Porsche Centre.After its outlets at New Delhi and Mumbai, this is the third centre for Porsche, known for its popular sports cars like Cayman, Boxster and 911 as well as blockbuster SUV Cayenne.

Christmas day turned sour for the Indian Space Research (ISRO) when the much-anticipated launch of India's latest communication satellite GSAT-5P onboard launch vehicle GSLV-F06, powered by Russian cryogenic engine, failed on December 25. The homegrown launch vehicle developed a snag and exploded mid-air soon after its lift-off from the spaceport at Sriharikota in Andhra Pradesh. The GSAT-5P communication satellite weighing 2,130 kg cost ISRO around Rs 125 crore.Andhra Pradesh passed through many turbulences in 2010 due to regional agitations.Yet,businesses soared considerably