"I have conveyed my viewpoint to the chairman and told him that we did not play to our potential and that is why we lost," said Miandad.
"This is a young team and needs time and we should not panic after one defeat because this very team had recently won against South Africa and New Zealand," said the former captain, serving his third stint as the coach.
Rasheed said the series was discussed at length and denied that the chairman had asked for a written report.
The meeting at Karachi's National Stadium lasted one hour but no official press release was issued.
But sources within the PCB said both the manager and coach have blamed the players for the defeat and singled out express pacer Shoaib Akhtar for not bowling up to the mark in the series.
"Rasheed and Miandad have suggested strict action against Shoaib who let the team down in the series particularly in the decisive Test in Rawalpindi," said the sources.
Pakistan's 3-2 One-day series defeat and 2-1 Test defeat to India has led to severe criticism of the team, its management and the PCB.
Both the coach and the manager were given charges after Pakistan's first round exit from the World Cup in South Africa last year. While Rasheed's contract expires later this month, Miandad's term runs until April 2005.