If the other company has already taken over your visas then I would say you are entitled to report to them.

If you want to change sponsorship remember that there is a rule that states that you must complete 1-2 years with current employer befora changing (in this case you have a new employer)

If you want to go on your own to find a new sponsor remember you will need a NOC from current employer (the new company) and there is nothing in the law "addressing" the employer to release a NOC.

By the way do a search by the topic "Changing sponsor" and you will find lot's of dicsussion on this.

Regards!!