- Unable to get accepted, four academically-challenged students decide to open their own college.
- After barely making it through their Secondary School Certificate examinations, Ritesh Virani, whose father is a Kabadia, is unable to get admission in any college. He is not the only one though, his pals Pooja Nigam and Nanj Nair are also in the same leaky boat. They attempt in vain to secure admission through the father of their scholarly pal, Vishnu Vardhan. Then Ritesh's father decides to fire his hired help and get his son to do the work, and Pooja's dad decides to get her married, the desperate friends get together and concoct a fake college 'Fakirchand And Lakirchand Trust University', with the help of their money-lender friend, Google Chand. They recruit school-teacher, Baaji Rao, as Principal, whose performance is unacceptable by his school principal due to lewd references to 'Munni's Badnami' and 'Sheila's Jawani'. Google Chand offers them a derelict mansion in Panchgani, which they must renovate, invite their respective parents and show them that they have finally been accepted in college. Things get out of hand when scores of youngsters with poor marks show up, insisting on being admitted. Unable to handle the situation, the group let things ride - but not for long - for soon the police and Mr. Vardhan will get involved - threatening to burst their bubble once and for all.—rAjOo (gunwanti@hotmail.com)
- A group of friends, Ritesh (Jackky), Nanj (Angad), and Puja (Puja), all receive extremely bad marks in their exams. One of their close friends, Vishnu (Chandan) has passed with top marks under the pressure of his father and has enrolled into the top high school of India.
To make their parents happy and proud, the four friends create a fake university titled "Fakirchand and Lakirchand Trust University" (or F.A.L.T.U) with the help of Ritesh's childhood friend Google (Arshad Warsi). Things take a turn for the worse when the parents would like to see F.A.L.T.U. To make things go right, Ritesh and Google hire someone, Bajirao (Riteish), to act as the principal for one day. However, after the parents' visit, a bunch of kids apply for F.A.L.T.U thinking it is a real university. Unable to send them back, the trio, along with Vishnu, Google and Bajirao, turn F.A.L.T.U into an official trust university. Soon enough, the government files a case against every student/member of F.A.L.T.U for creating a fake college. Now the group of friends must fight for their rights, and keep F.A.L.T.U as a university to give the kids an education.Near the end there is a song competition in which the trio along with the college sneak in to.As Vishnu's father is the one who filed the case against them it's a bit of a shock that when F.A.L.T.U finish their performance he stands up and claps.(He did not know which college was performing because it was dark).The education minister asked Ritesh about F.A.L.T.U and what it was and Ritesh gave a speech about the education system and how F.A.L.T.U fixes it.In the end they college is given a license of two years as an official college.And Vishnu's father finally accepts the college along with him.
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