Panicker reunited with Sibi Malayil for a romance film Pranayavarnangal, starring Suresh Gopi, Manju Warrier, Divya Unni and Biju Menon. He produced Mammootty-starrer political conspiracy crime film Stalin Sivadas, which was released in 1999. He tried a new formula in Malayalam films by casting television presenter Koottickal Jayachandran in a lead role in his movie Chirikkudukka. Panicker later started an acting venture in Malayalam films and television serials, and is now general secretary of the Association of Television Media Artistes (ATMA).
