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Following the path of films like Taare Zaameen Par and 3 Idiots, F.A.L.T.U. takes on the education system. Being inspired from the 2006 film ACCEPTED, it's about four college friends - Ritesh (Jackky Bahagnani), Pooja (Puja Gupta), Vishnu (Chandan Roy Sanyal) and Nanj (Angad Bedi), who just want to enjoy life. Ritesh even turns up late for his last exam as he was busy packing for his Goa trip. And when the results come out, Ritesh, Pooja and Nanj have just about managed to pass their exams, failing to get admission in any college. So, with the help of Vishnu, they start a fake institution named Fakirchand And Lakirchand Trust University or F.A.L.T.U. to bring a smile on their parents' faces. They create a website and give a newspaper advertisement of the institute so that it looks authentic. With the help of kindhearted Google Chand (Arshad Warsi) they even get a place in Panchgani and a young principal named Baaji Rao (Riteish Deshmukh) for the institute.
Trouble arises when students actually turn up at F.A.L.T.U. Riteish initially tries apologising, but with negative result. Seeing the dejected students, Baaji Rao and Google, promise to manage everything, and Riteish dicloses this news to everyone. As days pass, the students party and booze, and do not pay heed to their studies. A visit to his father changes Riteish's approach and he tries encouraging students to study and not waste their time,back at F.A.L.T.U. but he had to taste the harsh reality this time too. Baaji and Google, on seeing this, are annoyed, and decide to teach the students a lesson, and manage to convince them to study what they want to. However, in a few days time, the need for professnials crops up, which is solved, and F.A.L.T.U. soon becomes a ray of hope for all those "minorities". But Vishnu's father, a member of the U.T.C. Council, finds Vishnu, at F.A.L.T.U. and decides to sue the institution in a court of law, as he expected his son, to purse studies at the prestigous St. Peter's College. F.A.L.T.U., with some encouragement by Riteish,decide to show it to the world, what their worth is, and set out to compete in the St. Peter's fest, and unknown to all, they perform, appealing to the masses, by their dance,they receive a standing ovation. However, when their identity is disclosed, they're forced out of the fest, but an M.P stops them from being forced from the competition and asks for their opinion. Impressing the M.P, F.A.L.T.U. is stopped from being shut down. The students are extremely happy, and the film ends with Vishnu's father,hugging Vishnu!
