Discuss in detail, the grounds for setting aside arbitral award with special reference to public policy doctrine under the Arbitration and Conciliation Act, 1996.

Section 34 (2) of Arbitration and Conciliation Act, 1996 states that an arbitral award may be set aside by the Court only if- (a) The party making the application furnishes proof that- party was under some incapacity, or the arbitration agreement is not valid in the law to which the parties have subjected it or, failing any indication thereon, under the law for the time being in force; or the party making the application was not given proper notice of the appointment of an arbitrator or of the arbitral proceedings or was otherwise unable to present his case; or the arbitral award deals with a dispute not contemplated by or not falling within the terms of the submission to arbitration, or it contains decisions on matters beyond the scope of the submission to arbitration. Provided that, if the decisions on matters submitted to arbitration can be separated from those not so submitted, only that part of the arbitral award which contains decisions on matters not submitted to arbitration may be set aside; or the composition of the arbitral tribunal or the arbitral procedure was not in accordance with the agreement of the parties, unless such agreement was in conflict with a provision of Part I from which the parties cannot derogate, or, failing such agreement, was not in accordance with Part I; or (b) The Court finds that- the subject-matter of the dispute is not capable of settlement by arbitration under the law for the time being in force, or the arbitral award is in conflict with the 'public policy of India'. An award would be in conflict with 'public policy' if it is induced or affected by fraud or corruption or was in violation of Section 75 or Section 81 of the Arbitration and Conciliation Act, 1996 , relating to confidentiality and admissibility of evidence in other proceedings.