He said his next course of action would "reflect" the "aspirations" of AIADMK cadres and people of Tamil Nadu.
"No one has the right to remove me from the post of treasurer which was given to me by Amma 10 years ago," he told reporters.
Panneerselvam said he had discharged his duties as party treasurer to the satisfaction of Jayalalithaa. "I have the fulfilment that I have done my job as treasurer fully to the satisfaction of Amma."
Asked if the AIADMK chief had charged him with association with DMK as she could not find any other allegation, he quoted a Tamil proverb, the meaning of which is "I have nothing and no one to fear as I have done no wrong."
Panneerselvam also said "I am a grassroot-level ordinary party worker."
Asked if he would launch a new party and if he would call on Governor Ch Vidyasagar Rao, he said "please wait and see.