I-129S and I-94 validity

[vijaywmu 0]

My situation:

* My employer filed a I-797 blanket petition for case type I-129. I received a L1-B visa stamped on my passport that is valid from July 2007 to July 2010.I went to India in Jan 2010 and came back in Jan 2010 and at the port of entry they gave me a new i-94 valid till Jan 2013. Generally L1-B visa's are valid for 5 yrs, so my employer said i can officially work in the US till July 2012 due to couple of reasons 1.my I-94 is valid till Jan 2013 and 2. my L1-B will allow me to work till July 2012. Now, i have not gone out of the states since Jan 2010 which is why my visa still says its valid only till July 2010.

Question is:

1) Based on the situation above, can i work in the states till my I-94 validity date even though my L1-B visa on my passport is expired

2) Since my I-94 shows Jan 2013, should my company resubmit the I-129S to USCIS and get it approved or should they just have a generic I-129S one filed for internal reference. My employer says as long as the I-94 shows validity and within limits we dont need to resubmit the I-129S. Is it correct?

Pls advice.

VJ