"In Tamil Nadu a situation has arisen in which only the ruling party could win and Srirangam is no exception," PMK said in a release.
Stating that barring Pennagarm bypoll, the party has never contested any other byelections, PMK said bypolls were unnecessary, a waste of money and time.
PMK said it was for amendment to the Representation of People Act to facilitate unanimous election of a candidate in bypoll to either the assembly or parliament.
Referring to the victory of ruling parties in the successive bypolls in Tamil Nadu, PMK said such victories were "murders of democracy."
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Alleging that disbursement of gifts and distribution of money were on the cards for Srirangam, PMK said it had under the circumstances decided to refrain from bypolls.
"The administrative committee of the party has unanimously decided not to contest nor support any other political party for the Srirangam bypoll," the PMK headquarters said.
BJP and another ally DMDK have not yet announced its candidates for the bypoll.