From 1993 Kerala Government is giving away the award in memory of Thunchathathu Ramanujan Ezhuthachan, father of the Malayalam language.
Although the date of award ceremony is yet to be fixed, M T wish to give away whole amount to the development of children’s library at Thunchanparambu.
M T received India’s highest literary honour Jnanapith award in 1995. Apart from this, he won Kerala Sahitya Akademi award for his novel Nalukettu in 1958. He won the Akademi award for Gopura Nadayil (drama) in 1982 and in 1986 for Swargam Thurakkunna Samayam (short story). He also won the Kendra Sahitya Akademi in 1970 for his novel Kaalam.