No, you can reenter on the still valid visa to work for the same employer.
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Did the employer not revoke your H-1B when you returned to India? Are you being offered the same position and same condtions of employment?
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So far you have three answers: yes, no, and more questions.
More questions wins. This situation is very fact-specific, and you should consult the employer's attorney who handles its H-1B cases.
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