Try something like this:
List<Label> listOfLabels = new List<Label>();
private void CreateAgentPanels(int numberofPanel, string Current_Status, string Op_id)
{
Panel agentPanel;
Label lblTime;
for(int i =0; i <= numberofPanel;i++)
{
agentPanel = new Panel();
agentPanel.BackColor = Color.Blue;
agentPanel.AutoSize = true;
agentPanel.Size = new Size(50, 50);
agentPanel.Location = new Point((i * 52), 0);
lblTime = new Label();
lblTime.Location = new Point(02, 35);
lblTime.AutoSize = true;
listOfLabels.Add(lblTime);
agentPanel.Controls.Add(lblTime);
this.Controls.Add(agentPanel);
}
Timer timer1;
timer1 = new Timer();
timer1.Tick += new EventHandler(timer1_Tick);
timer1.Interval = 1000;
timer1.Start();
}
private void timer1_Tick(object sender, EventArgs e)
{
foreach (Label l in listOfLabels)
{
l.Text = DateTime.Now.ToString("HH:mm:ss");
}
}