East Bengal club takes an initiative to build a statue of Sir Ashutosh Mukherjee in the year 1924. At that time Sir Ashutosh Mukherjee was the Vice Chancellor of Calcutta University. His immense personality and independent spirit became a reason for the British rulers to worry about. Sir Ashutosh Mukherjee deceased on 25th May, 1924. In his memory, Manmatha Roy Chowdhury – the then President of the club, coined the thought of establishing a bronze statue of Sir Ashutosh Mukherjee.
He acquired a part of a ground in Esplanade. In an attempt to raise funds for building the statue, he organized for a match through which he procured Rs. 2000. Post this event, East Bengal Club, against the will of the British rulers and obstructions, established the statue of Sir Ashutosh Mukherjee. The statue still reigns in front of the Victoria House, Esplanade.