The alleged incident, which occurred during the exams held between February 21-28 at the Gurukul School of the Maharashtra Institute of Technology (MIT), had caused an outrage among parents.
Following the incident, police had filed a case under various sections of the IPC and under the Protection of Children from Sexual Offences Act (POCSO) against the two guards.
Citing preliminary inquiry, a Board official said the girls were not "strip-searched" by the guards.
He said though the woman staffers did check all the girls for chits to deter copying during exams, the two girls were "not undressed or strip-searched".
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Dahiphale, however, said the committee is yet to talk to the girls concerned and their statements are yet to be recorded.
"The charges levelled against our two staffers are baseless, false and defamatory towards our institution," said a release by MIT.
The MIT has also approached the police with a complaint application against some parents for "trying to intimidate and threaten" the security guards at the exam centre.