Shot clock issue

[so cal lurker]

Red has the ball late in the shot clock. Air ball. White momentarily has possession, but immediately loses it. Red driving to the hoop in the chaos, and shot clock (which was not reset) goes off when he is about the FT line; he continues to the basket and marks a layup. Now a whistle.

Initially, after conferring together and with the table, the refs awarded the basket (I presume on the theory that the shot clock should not have gone off as it should have reset on the brief possession by white.)

White coach wants to talk to the refs. They confer again, including the table again. They wipe the basket and give the ball to red with a new shot clock.

I’m curious about how this should have been handled. Was their first solution right because the shot clock doesn’t stop play didn’t whistle? Should they have immediately whistled when the shot clock buzzed? Does it matter if the refs thought the buzzer affected the defense?