The former QPR boss watched from the County Ground stands on Saturday as the Robins crashed to their fifth successive home defeat in all competitions - a 3-1 loss to Huddersfield Town.
Fans called for Malpas' sacking during the game, and the club's chairman Andrew Fitton insisted everything is being done to address the poor run of results.
"If Holloway was at the game then he was there to watch a football match. He wasn't an invited guest and it's not relevant," he said.
"Let me assure you, no stone is being left unturned by the board or the management team as to where the problem lies. These things can ultimately turnaround very fast and, if we win next week, then things will look a lot brighter.
"People getting on the back of the side isn't going to solve this problem. We must support them because adding more pressure to the situation doesn't help.