(4)In auctions held to fix fees for excise licences under Sub-rule (1) and under Sub-rule (3), the Presiding Officer may in his discretion refuse to accept the higher bid, if he considers such bid to be unreasonably speculative, or is likely to lead to malpractices, and when he does so, he shall record the reasons for such refusal at the appropriate place in the concerned register of bids.
