The person who is on H1 and on whom you are dependent as H4 can apply for GC and you can be added to that petition. As a stand alone H4 it is not possible for you to get the GC. The company that filed for your H1 and laid off is misguiding you by telling you that GC process will continue while you are on H4.
GC is for a future job. An employment based GC can be done for anybody. there is no restriction. The present H4 is just a status that allows the applicant to remain in US and allow later maybe to adjust status (instead of using CP)
raja986 - U can do another company H1 while your GC is being pursued by your company. Get it in writing though, since LC or I140 can be diverted to another person and you might be in let in limbo.
what else do you want? if you raise a specific concern than people can answer.
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