LEGAL BATTLE: Vijay Mallya was head of Kingfisher Airlines (below)

NEW LAW COULD APPLY TO INDIAN BUSINESSMAN FOR DEFAULTING ON REPAYMENT OF BANK LOANS INDIA’S Enforcement Directorate (ED) on Monday (18) charged businessman Vijay Mallya and two of his firms for fraudulently “diverting” more than `37 billion (£411.1 million) in bank loans to a UK-based F1 motorsport firm, a T20 Indian Premier League (IPL) team, and for “enjoying private jet sorties”. Mallya has been living in England since March 2016 and is fighting extradition to India where banks are chasing the tycoon for defaulting on loans. The fresh charges against Mallya and his companies is likely to pave the way for…