ICC chief executive Malcolm Speed, in a statement released in Dubai, said it was unfortunate that the newspaper relied on "unidentified and uncorroborated source" and did not take the opportunity to check the allegation with the ICC before publishing the article.
Speed said ICC's responsibility was to apply the rules that all countries had agreed to and it had done so on this occasion.
"There was a full and considered debate involving all countries over the issue of slow over rates and all captains have been repeatedly made aware of the importance of maintaining the over rates.
"The ICC's role is to apply the rules without fear or favour and this has been the approach taken in Ganguly's case," Speed said.
As Ganguly had done previously, the Indian captain exercised his right to appeal the suspension and the decision was reviewed by one of the world's foremost sports lawyers Michael Beloff, a member of the Court of Arbitration for Sport, who found that the match referee had acted properly in imposing the penalty that he did, the ICC chief executive said.