India Merger Acquisition MCA Regulatory Filings — March 19, 2026

19-03-2026

RATHOD MANOJ CHHAGANLAL HUF, not part of the promoter group, disclosed under SEBI Regulation 29(2) the open market sale of 361,037 shares (0.17% of total capital) of Padam Cotton Yarns Limited on March 19, 2026, reducing their holding from 14,500,000 shares (6.61%) to 14,138,963 shares (6.44%). This represents a marginal decline in their stake with no change to the company's total equity share capital of 219,470,000 shares.

• · Transaction mode: Open market
• · Scrip code: 531395
• · Disclosure filed from Ahmedabad on March 19, 2026

19-03-2026

Welspun Enterprises Limited's Board approved the acquisition of 2,000 equity shares (20% stake) in Welspun Corporate Services Limited (WCSL, formerly Welspun Home Textiles Limited) for ₹20,000, positioning WCSL as a centralized corporate services platform for the Welspun Group with services including HR, legal, compliance, taxation, and strategic advisory. This will make WCSL an associate company, with the balance 80% acquired by other group entities, and a joint shareholders’ agreement to be entered into. The transaction, a related party arms-length deal, is set for completion by March 31, 2026, with no impact on the company's management.

• · WCSL CIN: U13999GJ2024PLC152274
• · WCSL Incorporation Date: June 06, 2024
• · WCSL Turnover: Nil
• · WCSL Location: Gujarat, India
• · Board meeting held on March 19, 2026 (03:30 p.m. to 04:20 p.m.)
• · Related party transaction on arms' length basis
• · Industry: Consultancy Services

19-03-2026

Orosil Smiths India Limited disclosed a declaration received under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, indicating an intention by an acquirer to acquire substantial shares in the company. The disclosure was submitted to BSE Limited on March 19, 2026, by Company Secretary Sakshi Bansal. No specific details on the acquirer, shareholding thresholds, or transaction terms were provided in the filing.

• · ISIN: INE628B01034
• · Scrip Code: 531626
• · Reference: OSIL/SEC/95/2025-26

19-03-2026

Onix Renewable Limited acquired 70,00,000 equity shares, representing 77.99% of Sarda Proteins Limited's total share/voting and diluted capital, through preferential allotment upon conversion of warrants on March 18, 2026. Prior to the acquisition, Onix held no shares in the target company. The transaction increased Sarda Proteins' equity share capital from ₹1.73 Cr to ₹8.98 Cr.

• · BSE Script Code: 519242
• · Mode of acquisition: Preferential Allotment (upon conversion of warrant into equity Shares)
• · Target CIN: U35015GJ2014PLC080979
• · Acquirer not part of promoter/promoter group pre-acquisition

19-03-2026

Promoter S. Aravindan of W.S. Industries (India) Limited disclosed the acquisition of 31,300 equity shares (0.041%) on March 17-18, 2026, via open market, increasing his voting rights holding from 45,93,018 shares (6.052%) to 46,24,318 shares (6.093%). He continues to hold 5,00,000 warrants, representing 4.93% on a diluted basis. The company's equity share capital remains ₹75.90 Cr (7.59 Cr shares of ₹10 each), with diluted capital at ₹103.40 Cr.

• · Disclosure filed on March 19, 2026, pursuant to Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• · Scrip Code: 504220; Symbol: WSI.

19-03-2026

Tata Chemicals International Pte. Limited (TCIPL), a wholly owned subsidiary of Tata Chemicals Limited, completed the acquisition of 100% equity share capital of Novabay Pte. Limited on March 19, 2026, upon fulfillment of conditions precedent in the Share Purchase Agreement. This follows the initial disclosure on December 19, 2025, with details provided as per Schedule III of SEBI Listing Regulations and relevant circulars. No financial details or performance impacts were disclosed in this intimation.

• · Intimation under Regulations 30 and 51 of SEBI (LODR) Regulations, 2015
• · SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
• · Disclosure available on www.tatachemicals.com

19-03-2026

Suraj Industries Ltd's Board approved the acquisition of 1,40,000 equity shares (1,05,000 from Vikas Gupta and 35,000 from Ritesh Gupta, both Promoter Group members) in Shri Gang Industries and Allied Products Limited, increasing its stake from 19.31% to 20.02%. Shri Gang, a breweries & distilleries player with partnerships including United Spirits Limited, reported robust FY25 financials with turnover at ₹352.62 Cr (up 22.2% YoY from ₹288.64 Cr) and PAT at ₹29.33 Cr (up 98.4% YoY from ₹14.79 Cr), following strong multi-year growth. These arm's length related party transactions, approved by the Audit Committee, are expected to complete within 30 days.

• · Shri Gang's bottling plant commenced commercial production in July 2020; grain-based distillery commissioned in September 2022.
• · Shri Gang incorporated on August 02, 1989; operates in India.
• · Board meeting held on March 19, 2026, from 04:00 PM to 05:00 PM IST.
• · Acquisition price to be average of opening and closing BSE prices on day prior to transaction execution.
• · No additional governmental approvals required beyond Companies Act and SEBI LODR.

19-03-2026

DCM Shriram Industries Limited (BSE: 523369) has made a disclosure under Regulation 10(6) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, received by BSE, pertaining to Alok Bansidhar Shriram. The filing provides no details on the nature of the acquisition, shareholding changes, valuation, or any financial impact. This is purely an informational regulatory filing with no quantitative metrics or strategic context disclosed.

19-03-2026

Electrosteel Castings Ltd (BSE: 500128) has a disclosure received on BSE under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, filed by Electrosteel Thermal Coal Ltd & Others. This indicates an intention to acquire shares in the company that may trigger substantial acquisition thresholds. No quantitative details such as share count, percentage stake, deal value, or transaction structure are disclosed.

19-03-2026

Suncare Traders Ltd (BSE: 539526) has received a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 from Shah Enterprise. This indicates a substantial acquisition or change in shareholding by Shah Enterprise in the company. No specific details such as share count, percentage stake, transaction value, or dates of acquisition are disclosed in the filing.

19-03-2026

Lalit Agrawal (HUF), part of the Promoter Group of Glen Industries Limited, acquired 30,000 equity shares for ₹19.63L at ₹65.42 per share on March 19, 2026, from public shareholders. This increased the aggregate Promoter and Promoter Group shareholding from 73.05% to 73.17%, a modest 0.12% rise. The transaction complies with SEBI's minimum public shareholding requirements.

• · Stock Symbol: GLEN; ISIN: INE0UMC01019
• · Acquisition compliant with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

19-03-2026

Archean Chemical Industries Limited's Board approved the merger of its wholly owned subsidiary Idealis Chemicals Private Limited (ICPL) into its step-down subsidiary Idealis Mudchemie Private Limited (IMPL) on March 19, 2026, to simplify group structure, consolidate chemical and mud-chemical operations, and enhance operational efficiency and cost optimization. As of February 28, 2026 (unaudited standalone), ICPL had assets of ₹97.15 Cr with nil revenue, while IMPL had assets of ₹112.54 Cr and revenue of ₹1.22 Cr. The merger is an internal restructuring with a notional 1:1 share exchange ratio and no change in the listed entity's shareholding pattern.

• · ICPL (CIN: U20299TN2023PTC164103) incorporated on October 05, 2023
• · IMPL (CIN: U73100TN1990PTC019419) incorporated on July 20, 1990
• · Merger pursuant to Companies Act, 2013; does not attract related party transaction approvals per MCA circular and SEBI LODR
• · Board meeting held on March 19, 2026 from 04:00 p.m. to 06:00 p.m.

19-03-2026

Sumuka Agro Industries Limited entered into a binding term sheet on March 19, 2026, to acquire 100% equity interest in Arkaa Cluster Private Limited at an equity valuation of ₹35 Cr via preferential share issuance (share swap), excluding Bonus CCPS. Arkaa's turnover grew strongly from ₹10.88 Cr in FY23 to ₹110.15 Cr in FY24 (+912% YoY) and ₹150.61 Cr in FY25 (+36.8% YoY), aligning with Sumuka's FMCG trading business through synergies in food products, agro commodities, warehousing, and investment in Urban Millets. The deal includes additional facilities like ₹10 Cr interest-free working capital loan and ₹15 Cr loan de-collateralization, with completion targeted within 15 days of approvals and shareholder nod.

• · Arkaa incorporation date: May 30, 2022.
• · No related party transaction; at arm's length.
• · No prior stock exchange or regulatory approvals obtained yet.
• · Arkaa's registered office: Shanti Bihar Building No. C 5, Shop no. 6, Mira Road E, Thane 401105, Maharashtra.

19-03-2026

Saraswati Commercial (India) Ltd., an NBFC, completed the conversion of 587,212 partly paid-up equity shares of Bharti Airtel Limited into fully paid-up shares by paying a first and final call of ₹401.25 per share, aggregating ₹23.56 Cr. This investment, made in the ordinary course of business, represents 0.01% of Bharti Airtel's share capital. Bharti Airtel, with net worth of ₹1,11,752.88 Cr as on 31.03.2025, reported turnover growth to ₹1,08,943.85 Cr in FY25 (+15.8% YoY from ₹94,119.84 Cr in FY24) and ₹94,119.84 Cr in FY24 (+11.2% YoY from ₹84,720.12 Cr in FY23).

• · Bharti Airtel date of incorporation: 07.07.1995
• · Bharti Airtel line of business: Telecommunication services in India (Cellular & Fixed line services)
• · No related party transactions or interest by promoter/promoter group
• · No governmental or regulatory approvals required
• · Acquisition completed on 18.03.2026
• · Disclosure threshold exceeded: call money >2% of Saraswati's net worth per last audited consolidated financials

19-03-2026

Amber Enterprises India Limited has approved an additional investment of approx. ₹296.02 Cr in its material subsidiary IL JIN Electronics (India) Private Limited via subscription to a rights issue, marginally increasing its shareholding from 89.58% to 89.72%. IL JIN's turnover surged 59.8% YoY to ₹1,460 Cr in FY25 from ₹913 Cr in FY24; however, FY24 growth was modest at 3.8% YoY from ₹880 Cr in FY23. The rights issue is expected to close by April 30, 2026, with no regulatory approvals required.

• · IL JIN incorporated on 11 September 2001, located at Gat No. 161/2 Pimple Jagtap Road, Koregaon Bhima, Pune, Maharashtra.
• · Serves sectors: automotive, smart electronics, consumer durables, telecom, healthcare, industrial, renewable energy, aerospace, defence.
• · No governmental or regulatory approvals required; cash consideration via banking channels.

19-03-2026

Winro Commercial (India) Ltd. completed the conversion of 10,71,157 partly paid-up equity shares of Bharti Airtel Limited into fully paid-up shares by paying a first and final call of ₹401.25 per share, aggregating ₹42.98 Cr. Post-conversion, Winro holds a total of 1,071,425 fully paid-up shares, representing 0.02% of Bharti Airtel's share capital. Bharti Airtel demonstrated strong financial performance with FY25 turnover at ₹1,08,943.85 Cr, up 15.6% YoY from ₹94,119.84 Cr in FY24 and 11.1% growth from ₹84,720.12 Cr in FY23.

• · Disclosure threshold exceeded: call money >2% of Winro's net worth per last audited consolidated financials.
• · Bharti Airtel date of incorporation: 07.07.1995; primarily engaged in telecommunication services in India & Global.
• · No related party transaction; no governmental/regulatory approvals required.

19-03-2026

GeeCee Ventures Limited completed the conversion of 2,30,976 partly paid-up equity shares of Bharti Airtel Limited (BAL) into fully paid-up shares by remitting ₹9.27 Cr at ₹401.25 per share, following the First and Final Call notice. This investment represents a minuscule portion of GeeCee's portfolio and equates to 0.00% shareholding in BAL, with no impact on control. BAL demonstrated strong performance with FY 2024-25 turnover of ₹1,08,944 Cr (up 15.7% YoY from ₹94,120 Cr in FY 2023-24) and PAT of ₹23,502 Cr.

• · BAL operates in 17+ countries across South Asia and Africa.
• · BAL date of incorporation: July 7, 1995.
• · No governmental or regulatory approvals required.
• · Acquisition completed as of March 18, 2026 (BAL intimation date).

19-03-2026

Padmanabh Alloys & Polymers Ltd. (BSE: 531779) has made a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, received by BSE on March 19, 2026, pertaining to Hemal Rajeshbhai Desai. This filing indicates an intention by Hemal Rajeshbhai Desai to acquire shares that may trigger SAST thresholds. No quantitative details such as deal size, share count, percentage stake, valuation, or transaction structure are disclosed.

• · BSE Scrip Code: 531779

19-03-2026

Gallantt Ispat Ltd (532726) has filed a disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, received by BSE on March 19, 2026, from CP Agrawal Daughters Trust & PACs. No details on deal structure, transaction value, share count, percentage stake, consideration type, or strategic rationale are disclosed. This is an informational SAST disclosure indicating intention for potential substantial acquisition, with no quantitative or financial metrics provided.

19-03-2026

Smiti Holding and Trading Company Private Limited, holding 5.14 Cr shares (5.36%) in Asian Paints Limited, created new pledges on 6,06,000 shares (0.06% of total share capital) on March 17, 2026, for loans from Tata Capital Limited (via IDBI Trusteeship Services Limited) and Citicorp Finance (India) Limited. This raised their encumbered shares from 3.77 Cr (3.93%) to 3.83 Cr (3.99%). Overall promoter and promoter group holding remains at 50.48 Cr shares (52.63%), with total encumbrances at 5.25%.

• · Disclosure reported to BSE and NSE on March 18, 2026.
• · Pledges created as collateral for loans.

19-03-2026

Rahul Maganlal Timbadia, promoter of La Tim Metal & Industries Limited (DIN: 00691457), acquired 22,000 equity shares (0.02% stake) via open market on March 18, 2026. This marginally increased his voting shares holding from 1,16,91,550 shares (8.82%) to 1,17,13,550 shares (8.84%). No other changes in encumbrances, warrants, or convertible securities were reported.

• · Disclosure under Reg 29(2) of SEBI (SAST) Regulations, 2011
• · No shares in encumbrance, warrants, or convertible securities
• · Total diluted share/voting capital unchanged at 13,06,30,626 (Rs.1) + 18,40,824 (Rs.0.5) shares

19-03-2026

Bajaj Healthcare Ltd (BSE: 539872) has made a disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, received by the Exchange, pertaining to Anil Champalal Jain. No details on deal structure, transaction size, shareholding changes, valuation, or financial impact are provided in the filing.

19-03-2026

Panth Infinity Limited has filed a Merger/Acquisition notice dated March 19, 2026, involving entities such as Shial Radeinkrivteliitd (CIN:181J04T1193), Hialtrdelikpriateimted (CIN:00G22PC533), Shtaltadelikprvateimied (CIN:00G22PC533), and Sitltradeinkriateimted (CIN:181J04T113). The filing references share-related transactions with stakes including 28% and 1%, alongside figures like 7610 and 7410, potentially indicating shareholdings or allotments. No financial performance metrics or period comparisons are discernible from the garbled content.

• · Additional garbled references to SBI-related acquisitions and regulatory details under Section 343.

19-03-2026

Promoters Govind Vishwanath Gadgil and Renu Govind Gadgil of PNGS Reva Diamond Jewellery Limited acquired 51,000 and 34,000 equity shares respectively from the open market on March 18, 2026, as disclosed under SEBI (SAST) Regulation 29(2). Govind's holding increased from 1,006,669 shares (3.17% of total) to 1,057,669 shares (3.34%), while Renu's rose from 70,000 shares (0.22%) to 104,000 shares (0.33%). The company's total equity share capital remains unchanged at ₹31.70 Cr, comprising 3.17 Cr equity shares of ₹10 each.

• · Disclosures received and filed by the company on March 19, 2026.
• · Scrip code on BSE: 544718; Symbol on NSE: PNGSREVA.
• · Acquisitions triggered disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

19-03-2026

Ester Industries Limited (BSE: 500136) has filed a disclosure under Regulation 10(5) of SEBI (SAST) Regulations, 2011, regarding an acquisition under Regulation 10(1)(a). No details on the acquirer, target specifics beyond the company itself, transaction value, share counts, or shareholding changes are mentioned in the filing. This is a mandatory regulatory disclosure for substantial acquisitions of shares or voting rights.

19-03-2026

Promoter Shreyas R. Virani of Sar Auto Products Limited disclosed the sale of 870 equity shares (0.08% of total diluted share capital) on BSE, reducing his individual holding from 318,770 shares (27.68%) to 314,900 shares (7.60%). The total promoter/PAC holding (including Rameshbhai D. Virani, Rajeshree R. Virani, and Urvi S. Virani) declined marginally from 74.67% to 74.59%. The transaction occurred via open market/off-market on 17/01/2026 (3400 shares mentioned in text, but net 870 sold) and 18/03/2026 (170 shares).

• · ISIN: INE002801010
• · Disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
• · Sale dates: 17/01/2026 and 18/03/2026
• · No change in holdings for other PAC members
• · Company CIN: L34100GJ1987PLC010088

19-03-2026

Evans Electric Ltd (542668) has filed a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, received from Counter Cyclical Investment Pvt Ltd. This pertains to an acquisition or disposal of shares that crosses specified shareholding thresholds. No details on transaction size, shareholding changes, valuation, or parties' prior holdings are disclosed.

19-03-2026

BSE has received a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for N B Kumar pertaining to Thangamayil Jewellery Ltd (533158). No quantitative details such as transaction value, share count, percentage changes, or shareholding patterns are disclosed in the filing. This is an informational SAST compliance filing with no further specifics provided.

19-03-2026

Manju Mundhra and Naresh Kumar Mundhra (acting in concert) disclosed under SEBI Regulation 29(2) the sale of 40,56,237 equity shares (0.64% of total share capital) of Growington Ventures India Limited via open market transactions between February 17, 2026, and March 18, 2026, reducing their combined holding from 5.02% to 4.39%. Manju Mundhra's stake fell from 0.58% to 0.40%, while Naresh Kumar Mundhra's declined from 4.44% to 3.99%. No changes in encumbrances, voting rights otherwise than shares, or convertible securities.

• · Transaction mode: Open market.
• · Acquirers not part of Promoter/Promoter group.
• · No shares in encumbrance, additional voting rights, or convertible securities before or after.
• · Disclosure filed on March 18, 2026, with BSE.

19-03-2026

Swashthik Plascon Limited disclosed an inter-se transfer of 4,65,000 shares (2.39% of share capital) by way of gift from promoter Parasmal Mahendra Kumar to promoter Krupa (his daughter), proposed any time after 4 working days from March 18, 2026, exempt from open offer under SEBI Takeover Regulations 10(1)(a)(ii). Parasmal Mahendra Kumar's holding decreases from 5.98% (11,39,78 shares approx.) to 3.59% (6,98,978 shares), while Krupa's increases from 0% to 2.39%; aggregate promoter and promoter group holding remains unchanged.

• · Scrip Code: 544035
• · Disclosure under Regulation 10(5) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
• · No consideration involved; inter-se transfer within promoter group

19-03-2026

Shalibhadra Finance Ltd (BSE: 511754) has made a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, received by BSE, pertaining to Ayushi Doshi. This filing indicates an intention to acquire shares that may cross substantial shareholding thresholds (typically 5%). No further details such as share count, percentage, valuation, or transaction structure are disclosed.

19-03-2026

Promoter entities underwent restructuring via NCLT-sanctioned amalgamation, transferring 2.26 Cr equity shares of Ramkrishna Forgings Limited from Eastern Credit Capital Private Limited to Riddhi Portfolio Private Limited, maintaining promoter group holding around 46%. Riddhi Portfolio created a pledge on 45 L equity shares (2.81% of total) on June 25, 2025. Naresh Jalan acquired minor stakes of 40,000 and 15,900 shares in July 2022 via open market, increasing combined promoter/PAC holding marginally from 46.24% to 46.27%, with no material change in overall control.

• · Persons Acting in Concert (PAC) include: Riddhi Portfolio Private Limited, Eastern Credit Capital Private Limited, Ramkrishna Rail & Infrastructure Pvt. Ltd., Rashmi Jalan, Mahabir Prasad Jalan, Mahabir Prasad Jalan (HUF), Naresh Jalan (HUF), Chaitanya Jalan.
• · Disclosures made to BSE (Scrip Code 532527) and NSE (Symbol RKFORGE).
• · Annual disclosure under Reg 31(4) for FY ended March 31, 2023.

19-03-2026

Westlife Foodworld Ltd has received a disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 from Horizon Impex Pvt Ltd and its Persons Acting in Concert (PACs). This filing signals an intention to acquire shares in the company that may entail crossing substantial acquisition thresholds under SAST regulations. No details on deal size, share count, valuation, or transaction structure are disclosed.

19-03-2026

Siddharth Sethi, a promoter of InfoBeans Technologies Ltd, disclosed minor disposals via gift totaling 4,000 shares (0.004%), reducing his along with PACs holding marginally from 24.464% to 24.460%. The transactions occurred on March 11 (1,000 shares, -0.001%) and March 16, 2026 (3,000 shares, -0.003%), with total equity unchanged at 96,959,440 shares of ₹10 each. Promoter holding remains flat overall at approximately 24.46%.

• · Disclosures filed under SEBI Regulation 29(2) for substantial acquisition/takeover.
• · Place of signature: Indore.
• · No warrants, convertible securities, or encumbrances involved.

19-03-2026

Baskar Babu Ramachandran, Promoter and Managing Director & CEO of Suryoday Small Finance Bank Limited, acquired 50,000 equity shares on the open market—14,000 on March 17, 2026, and 36,000 on March 18, 2026—pursuant to a pre-approved Trading Plan dated November 13, 2025. This increased his total holding from 5.18% (55,01,911 shares) to 5.22% (55,51,911 shares), with free shares rising from 0.15% to 0.20%, while encumbered shares remained nearly flat at 5.03% to 5.02%. The bank's total equity share capital is 10,62,89,824 shares of ₹10 each, aggregating ₹106.29 Cr.

• · Disclosure filed with exchanges on March 19, 2026 under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• · Trading Plan submitted vide Bank's Letter No. SSFB/CS/80/2025-26 dated November 13, 2025.
• · Promoter free shares post-acquisition: approximately 2,11,911 shares.

19-03-2026

Apcotex Industries Ltd (BSE: 523694) has received a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 from Rita Ashok Parekh, indicating an intention to acquire substantial shares in the company. No details on deal size, share count, valuation, transaction structure, or timelines were provided in the filing. This is an informational SAST disclosure with no quantitative financial or operational metrics disclosed.

19-03-2026

BSE has received a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 from Urmil Aggarwal and Persons Acting in Concert (PACs) pertaining to Him Teknoforge Limited (BSE: 505712). This filing indicates an intention to acquire shares that may trigger substantial acquisition thresholds under SAST. No details on transaction size, structure, valuation, or impact are disclosed.