Some observations:

• If they are unhappy about your place of residence, the French consulate should not “reject” the application, only decline to process it. That means you should get your fee back and would not get any negative history (no visa rejection decision in the Schengen area and no need to report this as such to other countries). It would still be very annoying but the stakes are lower.
• The general rule is indeed that you should apply from your place of residence but in practice that's mostly an issue for tourists and people on short visits to other countries, not to people who are back in their country of origin. The way this is enforced is by requiring, e.g., a residence permit from applicants who are not nationals of the country covered by a given consulate. This doesn't apply to you and if your application made it past the VFS filter, I think the French consulate is still likely to process it (even if they don't have to, formally).
• Even if the general rule is to apply from your place of residence, it is also allowed to apply from another place if you have a legit reason for doing so. And being in India so long that it wasn't practical to apply from the UK during the recommended time frame can be such a reason. So the consulate might simply decide to process your application anyway. In theory, it's better to explicitly explain why you are applying from another consulate but that's not a guarantee of success either.
• I was not able to attend my business meeting on time. That part is actually more concerning to me, it means you have no purpose for your trip anymore. Worse case scenario the French consulate could refuse the visa based on that. This would be enraging but legally unimpeachable.

I would therefore base the decision on your travel plans. Since that business meeting won't be happening and it seems you are considering returning to the UK, it makes sense to withdraw your application and start a new one with a solid rationale, perhaps to another country in the Schengen area. If the purpose of your planned trip to France was still valid and you had no intention to go back to the UK, I would not advise pulling the application only because it was lodged in India.

Some observations:

• If they are unhappy about your place of residence, the French consulate should not “reject” the application, only decline to process it. That means you should get your fee back and would not get any negative history (no visa rejection decision in the Schengen area and no need to report this as such to other countries). It would still be very annoying but the stakes are lower.
• The general rule is indeed that you should apply from your place of residence but in practice that's mostly an issue for tourists and people on short visits to other countries, not to people who are back in their country of origin. The way this is enforced is by requiring, e.g., a residence permit from applicants who are not nationals of the country covered by a given consulate. This doesn't apply to you and if your application made it past the VFS filter, I think the French consulate is still likely to process it (even if they don't have to, formally).
• Even if the general rule is to apply from your place of residence, it is also allowed to apply from another place if you have a legit reason for doing so. And being in India so long that it wasn't practical to apply from the UK during the recommended time frame can be such a reason. So the consulate might simply decide to process your application anyway. In theory, it's better to explicitly explain why you are applying from another consulate but that's not a guarantee of success either.
• I was not able to attend my business meeting on time. That part is actually more concerning to me, it means there is no valid purpose for your trip anymore. Worse case scenario the French consulate could refuse the visa based on that. This would be enraging since you did have a purpose when you applied but legally unimpeachable.

I would therefore base the decision on your travel plans. Since that business meeting won't be happening and it seems you are considering returning to the UK, it makes sense to withdraw your application and start a new one with a solid rationale, perhaps to another country in the Schengen area. If the purpose of your planned trip to France was still valid and you had no intention to go back to the UK, I would not advise pulling the application only because it was lodged in India.