Fate Of Employee When JV Company Gets Closed

Hi all,
One of my friend is working in a Joint Venture company. The company was a joint venture b/w a major PSU Oil company and an state government agency. The company didn\'t perform well and management has decided to close this company after 5 years. The JV had hired almost 7-8 employees at the time of inception. What would be fate of the employees of JV. Will they be absorbed in any of the parent company or they will be Fired?
Please provide your views.
Thanks

A broad answer, 'depends on the management of the firm' !
A short answer, weren't the assignment discussed with your friends ?
Ideally during merger, de-merger or a JV, the assignment offers a view to the length of employment with the firm.
What were your friends hired for and who were they reporting to ?
Looking forward to hear from you

Hi All
In response to (Cite Contribution), i would like to ask one thing that is there any legal clause prevailing for the said situation or it totally depends on the terms and conditions of the employment between the JV company and the employee/s.
Regards
Parikshit

Hello,
(Cite Contribution) is right when she says 'depends on the management of the firm'.
But given that BOTH the JV Partners are Govt bodies [PSU & State Govt agency], there would be 2 possibilities/options....at the 2 extremes of the pendulum.
1] Unlike Private Company JVs, PSUs are more likely to adhere to rules & regulations, though not for the love of it but more to do with law-centric way of doing things. So chances of being given alternatives are higher. You can ask your friend to checkout with the Management about the options--but this wouls also depend on the Roles of the employees AND whether similar positions exist in the Parent Companies/Entities.
2] In case the employees are just sacked, there's the legal way. However, they need to give a thought to whether they have the will, money & time to fight it out. PSUs have full-fledged legal depts--so we are talking here of years rather than weeks or months. In such a scenario, looking out would be the best option, from their individual view-points.
All the Best.
Rgds,
TS