Paniker was born in 1911 in the city of Coimbatore, Tamil Nadu. Educated initially in Kerala, he studied art at the Government College of Art and Crafts, Madras. In 1941 he joined the staff of the College. He was appointed principal in 1957 and over the span of two decades became a very influential art educator. In 1944 he had initiated the Progressive Painter's Association. Just before his retirement he established the Cholamandal Artists' Village, a unique artists' co-operatvie with residence-studios for about 30 artists just outside Madras on the Mahabalipuram sea front. Exhibited his work and lectured on Indian art in Europe and the U.S.S.R.; in 1963 he went to New York as a member of the Indian Delegation to the World Art Congress and travelled extensively in the U.S. A. He was invited to participate in major national and international exhibitions including the Biennales at Sao Paulo and Venice; the Festival Hall Exhibition; London, 1965; and the Triennales in India. He lived and worked in Cholamandal and died there in 1977. A major posthumous restrospective of his works was organized by the Lalit Kala Akademi in Madras and Delhi.