Miandad, who had joined the PCB in 2008 in a specially created position of Director-General cricket, had recently sent his resignation to the new chairman of the board, Najam Sethi, saying he wished to part ways.
"The managing committee in its meeting today respected Mr Miandad's wishes by accepting his resignation with immediate effect," PCB's chief operating officer, Subhan Ahmad told a media conference.
"The MC has also recognised and applauded Mr Miandad's achievements, contributions and services not only to the PCB but also to the game of cricket," he said.
But when a reporter reminded him that Miandad had in his resignation letter apparently also said he was willing to carry on with proper powers, Ahmad said this was not the case.
Sources privy to the meeting said that the managing committee had deliberated on Miandad's decision for a long while and a call was also placed to him during the meeting to convince him to take back his resignation, but when the former captain asked for additional powers and made some accusations, the committee decided to accept his resignation.
"It is no secret that Miandad was also surprised by the government decision to sack Zaka Ashraf as chairman and appoint the managing committee earlier this month as he had become close to Ashraf when the latter was reinstated as chairman of the board by the Islamabad High Court in January," a source said.
He said soon after Sethi took over and the MC in its first meeting declared null and void a number of decisions taken by Ashraf on the advice of Miandad, the former captain was not happy and decided to resign.