It also said the three cricketers have a "case to answer" but refused to specify the charges against them.
Addressing a press conference here, ICC CEO Haroon Lorgat dismissed a question that the action was taken to keep Pakistan out of international cricket.
"The very reason I met your High Commissioner Wajid Hasan was to give a clear indication that we are coming to a conclusion and that we will be serving a notice. I differ with Pakistan High Commission interpretation of the meet.. I indicated to him about issuing the notice," he said.
Earlier in the day, Hasan attacked the ICC saying it had taken an unethical decision and sought to insinuate that ICC President Sharad Pawar had a hand in it.
After suspending the trio of Pakistan Test skipper Salman Butt and pacers Mohammad Aamir and Mohammad Asif, the ICC said after "due diligence", it is clear that the players have to explain themselves following a sting operation in which a bookie claimed to have paid them money for bowling no balls in a Test match against England.
"The press suggested this week that why didn't the ICC act immediately? There was no specific cause to make us act yesterday. It was about taking legal advice, having teleconferences and examine the case," ICC's Anti-Corruption and Security Unit chief Sir Ronnie Flanagan said in the press conference.
"The conclusion was that it was an arguable case against the players. We certainly came to the conclusion that they have a case to answer to our disciplinary commission," he added.
Lorgat said the ICC would be "decisive" in its action against guilty players but only after establishing their guilt.
"We promise to be decisive. We got a week for due diligence. We have got to be very mindful of the interviews that are going on with the police.
"Last night was the first opportunity we got in which we concluded what we have done. We needed to do all the evidence gathering and frame charges. We cannot suspend any player without formally charging anyone," he said.
Flanagan refused to comment on whether criminal charges would be pressed against the players, who are being investigated by the Scotland Yard.
"It would be absolutely wrong for me comment to (on whether criminal charges would be brought). If the police find evidence, it is for the prosecuting authorities to make that decision. We would be absolutely wrong to make a comment on that. It's a complex investigation," Flanagan said.
Asked whether the ICC had failed in its responsibility of educating players about the implications of getting involved in corruption, Flanagan said, "Absolutely not."
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