Reports of Frieda replacing Aishwarya came up after the "Slumdog Millionaire" star featured in L'Oreal's 'Happy New Year' television commercial.

"We are shocked and surprised to read in some sections of the media/press about Ms. Aishwarya Rai Bachchan being replaced as the face of L'Oreal Paris," said an official statement from the firm.

"L'Oreal Paris strongly reiterates that this is absolutely untrue and that Ms. Aishwarya Rai Bachchan continues to be our valued spokesperson, as she has since 2000. While she remains an integral part of the L'Oreal Paris world wide Dream Team, she was unfortunately unavailable for our New Year commercial shoot due to prior commitments.

"She is one of the most iconic women of our times and is certainly the face of L'Oreal Paris internationally and in India for a range of products which include campaigns for Total Repair 5, Excellence Crème, Color Riche, Hydrafresh," the statement added.