Is there any relation of Google Penguin update and Google Panda update ?
No,it isn't any relation, except the fact that both are an algorithm update. And also both can be in the same time. That means that you must have a strong optimization on page and off page as well to keep your rank.
Here is the website which tells more about it: http://www.brickmarketing.com/blog/panda-penguin-updates.htm
I hope it helps!!
Google Penguin and Panda need quality work, good structure and reputation of website encompass quality, relevant back links, good relevancy between content and targeted keywords and much more things if you have these things then you no need to care about Google Panda and Penguin.
As per my knowledge till now there is no update from Google Panda and Penguin.
Both are the algorithm which are specially designed to stop the spamming. Google panda and penguine's functionality are different but aim is same. Google penguin is forcing to all to improve quality of content.