The economic crises in the recent past have led to a renewed interest in exploring the role of spirituality in business management. However there are several challenges in understanding what "spirituality" means in an operational sense of business management. This article first traces the research in the area of spirituality as applied to business and in the second part, reports on the beliefs of Suresh B. Hundre, Chairman and MD of Polyhydron Pvt. Ltd, Belgaum, India, as practised in

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... , a company known for its ethical management, and where the concept of "Business Ashrama" integrates spirituality into business. Concept note * Tel.: þ91 80 26993275. E-mail address: mahadev@iimb.ernet.in Peer-review under responsibility of Indian Institute of Management Bangalore 1 All Sanskrit words that appear in this write-up are in italics. a v a i l a b l e a t w w w . s c i e n c e d i r e c t . c o m j o u r n a l h o m e p a g e : w w w . e l s e v i e r . c o m / l o c a t e / i i m b Production and hosting by Elsevier IIMB Management Review (2013) 25, 91e103 http://dx.