I 94 extension without L1 visa extension


My L1 visa is set to expire this September. I have been here in US for last three years. My organization thinks there are high chances that my visa extension request would get rejected. They are asking me to go to Canada and come back so that my I-94 gets an extended date when i come back to US and then can work here…

My question:

Can date on I-94 exceed that on Visa. What are the chances that they will give a three year date to I-94 now that the Visa is set to expire in Sep 2012.

Is this legal do stay with an expired visa but a valid I-94

Can I visit India in such condition?