This ritual is cited as a proof that the tradition of keeping this chronicle began with Odia king Anantavarman Chodaganga Dev (1078–1150) himself.
There are some, like Dr. Harekrushna Mahatab, Dr.Nilakantha Dash and Dr. Krushna Chandra Panigrahi who hold that the Panji dates from the reign of Ramachandra Deva I who re-established the worship of Lord Jagannatha after Kalapahad said to have destroyed it.
The arguments are complex, but it is likely that much of the early record was indeed lost in the period that followed Kala Pahad and was rewritten in a fashion that mixed legend with history.
It seems to have re-written during 16th century when the King of Khurda had newly installed the images after destruction made by Kalapahad, the notorious general of the Sultan of Bengal.
Notable Odia writer and Padma Shri awardee Artaballabha Mohanty has published the only available print record of Madala Panji.