Can an employer revoke H1B after Approval

I am in India. I got my H4 Stamped in May 2017 & I also got my H1B approval in May 2017(Through an Indian MNC). I am thinking of travelling to US on H4 with my spouse & search a job there.

  1. Can my current employer get my H1 revoked, before i find a new employer in US.

  2. Can I still apply for Cap Exempt H1B transfer to a new employer even after my current employer has revoked my H1B.

Yes the Employer can withdraw the petition at any point of time.

Once withdrawn, it cant be transferred or used.