I just follow the link
and it helped me to make the DRAG and Delete option working.
var labelAnnotation = new OpenLayers.Control.DrawFeature(LayerVector,
OpenLayers.Handler.Click, {
title: "Add Text",
displayClass: "olControlTextAnnotation",
eventListeners:{
'activate': function(e)
{
map.events.remove("click");
map.events.register("click", map, function(e) {
var userInput = prompt("Please enter your annotation", "");
if (userInput != '' && userInput != null)
{
var positionN = this.events.getMousePosition(e);
var lonlat = map.getLonLatFromPixel(positionN);
var TempPoint = new OpenLayers.Geometry.Point(lonlat.lon, lonlat.lat);
var feature = new OpenLayers.Feature.Vector(TempPoint,{
text: userInput
},
{
label: userInput,
labelSelect: true
});
LayerVector.addFeatures([feature]);
}
map.events.remove("click");
});
},
'deactivate': function(e){
map.events.remove("click");
}
}
});
var drag = new OpenLayers.Control.DragFeature(LayerVector, {
title: "Drag",
displayClass: "olControlDragAnnotation"
});
/* Adding the control to the map.*/
map.addControl(labelAnnotation);
map.addControl(drag);