Throw light on the role of a Conciliator in a Conciliation Proceeding under the Arbitration and Conciliation Act, 1996. In what manner a Conciliation Proceeding may be terminated?

Section 67 of the Arbitration and Conciliation Act, 1996 provides the provisions relating to Role of conciliator. These are as under: The conciliator shall assist the parties in an independent and impartial manner in their attempt to reach an amicable settlement of their dispute. The conciliator shall be guided by principles of objectivity, fairness and justice, giving consideration to, among other things, the rights and obligations of the parties, the usages of the trade concerned and the circumstances surrounding the dispute, including any previous business practices between the parties. The conciliator may conduct the conciliation proceedings in such a manner as he considers appropriate, taking into account the circumstances of the case, the wishes the parties may express, including any request by a party that the conciliator hear oral statements, and the need for a speedy settlement of the dispute. The conciliator may, at any stage of the conciliation proceedings, make proposals for a settlement of the dispute. Such proposals need not be in writing and need not be accompanied by a statement of the reasons therefor. Section 76 of the Arbitration and Conciliation Act, 1996 provides the provisions relating to the manner of termination of conciliation proceedings. According to this section, the conciliation proceedings shall be terminated: by the signing of the settlement agreement by the parties, on the date of the agreement; or by a written declaration of the conciliator, after consultation with the parties, to the effect that further efforts at conciliation are no longer justified, on the date of the declaration; or by a written declaration of the parties addressed to the conciliator to the effect that the conciliation proceedings are terminated, on the date of the declaration; or by a written declaration of a party to the other party and the conciliator, if appointed, to the effect that the conciliation proceedings are terminated, on the date of the declaration.