According to India Today, Former Miss World Bachchan, 37, has been permanently replaced by the younger model.
But a spokesperson for the Aishwarya told newspaper India Today: 'I don't know anything about it. We need to check out the details.
'Ash is busy with her upcoming performance at an awards function, so she can't speak on this issue right away.'
The model-turned-actress has been representing the brand since 2005, while Pinto joined in 2009.
It's not been a good few months for Aishwarya.
The Indian press have been criticising her for apparently putting on weight and she is said to be considering suing Elle magazine after they allegedly lightened her skin colour for their December issue cover shoot.
The actress herself has not commented on the situation, but friends of the Bride and Prejudice star have said she is 'furious'.
Freida's career meanwhile is going from strength to strength since appearing as a relative unknown in Danny Boyle's Slumdog - which also landed the beauty her co-star Dev Patel as a boyfriend.
She stars in forthcoming summer blockbuster Caeser: Rise Of The Apes alongside John Lithgow, James Franco and Andy Serkis.
She's also currently filming fantasy action movie Immortals with Mickey Rourke, which is due out in the autumn.
