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This article examines an ‘Institution’ and its distinguishing features from ‘Organisation’. It enquires into the dynamics generated when Western structural assumptions juxtapose with an Indian world view, more particularly in Indian Family Businesses, that seek to transform into institutions. In this transformation into a ‘Modern’ institution, several dilemmas, tensions and paradoxes emerge (often unseen) that have the risk of stalling progress, or in reducing the potential for institutional vibrancy and perpetuity. The integration depends on the wholesome cross-assimilation of these vastly different paradigms. This article delves into these invisible cross-currents and formulates a few hypotheses and recommendations for regeneration and vitality.

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In the interview, Harsh Mariwala, Chairman and Founder of Marico Limited, a very progressive thinker, speaks to the guest editor Prasad Kumar. He traces the journey of Marico's transformation into a familyowned and professionally managed company-an admired and best-in-class organisation. He shares his long-view in building organisations, the key drivers of continuity, passing the baton and the HR role in this metamorphosis. Prasad Kumar (PM): You have successfully transitioned an erstwhile family business into a greatly admired family-owned and professionally managed company. What were the top five key elements that you institutionalised to make this possible in Marico? Harsh Mariwala (HM): First of all, let me say that I am very unlike a serial entrepreneur. I am the kind of person who wants to leave a legacy. I have consistently taken a long-term view of the organisation. A lot of thought has gone into how the business has evolved over a period of time. From the inception until I stepped down from Marico and thereafter, different aspects of the working of the company have evolved. I can put these under heads as follows: Strategy: What is the strategy of the organisation and is it well defined; is it captured in a two-page document and does it very clearly give a broad direction in terms of the way forward? For example, what will we do, where will we operate, why will we win and where will we not operate also. Since strategy can go on changing depending on the environment and the opportunity, we relook at the strategy every year as a part of the board deliberations.