"I do not want to give excuses and as chairman I accept full responsibility. I admit there were faults," Shaharyar told the senate standing committee on Sports, which is looking into the reasons for the home team's defeat in the historic series against India last month.
Shaharyar also told the committee during a marathon meeting on Saturday that he would see if the services of coach Javed Miandad were required and termed Inzamam as a decent man but not an inspiring leader, according to a report in local daily Dawn.
He outlined three reasons for Pakistan's first series defeat to India at home.
"The Indians played to their true potential while our strong point which was bowling let us down and our team was found to be lacking in unity and national spirit, especially in the Tests."
But the chairman insisted that the defeat was not a disaster. "We lost narrowly; however we have reviewed our cricketing failures and the PCB advisory council will analyse these further."
When the members asked how the media was able to predict the results of the matches quite accurately, the chairman ruled out match-fixing.
"The ICC's Anti Corruption Unit was here during the series and they gave us a clean sheet. There was no evidence of match-fixing," he said.
The senate committee also met PCB CEO Ramiz Raja and the two top office bearers faced a volley of critical questions from the senators.
Ramiz was asked by the senators to chose between the job of commentator or CEO but he defended saying that he has the approval of both PCB patron Pervez Musharraf and ICC'sconflict of interest committee.
"You cannot go on doing commentary and be the chief executive at the same time," Pakistan Peoples Party senator Muhammed Enver Baig said and pointed to the clause in the PCB constitution which says that the CEO has to work full time.
"Cricket is my bread and butter and besides I am not contracted by any company; also I have dropped my commentary assignments a number of times when there is work to be done in the PCB," Ramiz told the committee.
One senator Tariq Azeem called Shoaib Akhtar as "a pampered and spoilt baby" and said the fast bowler should be told clearly either to play cricket or do tantrums.
Shaharyar assured the senator that Shoaib will not be given any special treatment in future and he will have to show complete fitness and commitment to be in the team.
He disclosed that in the days ahead he planned to focus on ways to improve the team's performance, better the state of domestic cricket and to have a workable constitution approved by the general body.