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Mally was all gung ho as she was the only Indian present at an amfAR (an NGO dedicated to AIDS research) event. Topline names present at the charity event included Jennifer Lopez, Gerard Butler, Marc Anthony, and designers Roberto Cavalli and Karl Lagerfeld, among others. Her little 'compliment' number with Cavalli has already been tweeted heartily by Mally.
Pity, she bagged a royal snub too. From Paris Hilton, that is!
Reportedly, MS tried to get talking to Hilton, but the famed hotel heiress swiftly moved away stating that... she did not know her!
Mally made one more valiant bid, but was curtly ignored by the status conscious Paris, who looked through her blankly.
A close source states, "After a point, Mallika stood right opposite Paris in the party, but she pointedly looked right through her!"
Guess, Mally's ready to hissssssssssssssssssss now.....

I know "valiant" means "brave" and also know the meaning of status but I have no idea about the highlighted parts together.
Source :
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"valiant" = http://www.askoxford.com/concise_oed/valiant .

"bid" = http://www.askoxford.com/concise_oed/bid_1 (noun, sense 3).

"status conscious" = conscious (http://www.askoxford.com/concise_oed/conscious sense 2) of other people's status (http://www.askoxford.com/concise_oed/status sense 1/2).

"looked through her" = didn't recognise her, didn't pay any attention to her, just behaved as if she wasn't there.