"Such was his resolute defence that nobody could breach him. He has earned India many laurels," Chatterjee said awarding Ghosh with East Bengal's highest honour today.
"Truly speaking, Ghosh is deprived of one honour -- the Padma Shri. We should jointly make an appeal at the sports ministry to recommend his name," Chatterjee said at the 94th Foundation Day celebration of the club at the Netaji Indoor Stadium.
Urging East Bengal to promote football at grassroots level, Chatterjee said: "I now live in districts and feel the sport has become Kolkata-centric.
"There is a lot of potential at the district-level if they get some help from club like East Bengal."
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Ghosh, who along with Jarnail Singh and Syed Nayeemuddin had formed the country's one of the best defence in the 1960s, had represented India at the Rome 1960 Olympics and was also a part of the gold medal winning side in 1962 Jakarta Asian Games.
A 1965 Arjuna Awardee, Ghosh also served the Tata Football Academy as a director from 1997-2002.
East Bengal had constituted the award in 2011 which was given to legendary hockey player Leslie Claudius while former football Olympian Ahmed Khan was given the honour last year.
East Bengal also awarded two of its former players -- Samaresh Chowdhury and Abani Bose - for Lifetime Achievement, while defender Saumik Dey was given the Best Player of the Year and Golden Boot from captain Mehtab Hossain amid thunderous applause from the fans.
Bharat Gaurav: Arun Ghosh; Lifetime Achievement: Samaresh Chowdhury and Abani Bose; Best Footballer of the Year and Golden Boot: Saumik Dey.