Apply Work Permit while Tier 1 General App. awaiting result

[centennial]

Hello everyone,
I am writing this message with huge expectation from all experienced guys. I applied for tier 1 on 4th jan,09 but still waiting for result.

I am on work permit since last 3 years or so. but one issue has come up now. my work permit is expiring on 31st march and my current company is asking for my passport to apply for work permit extension. thats where my problem starts.

My question is can my company apply for work permit extension, while my tier 1 application is still waiting for result.
Is it Legally Ok and each is independent of other.