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.

• Arshad Warsi as Google Chand
• Ritesh Deshmukh as Principal Bajirao
• Jackky Bhagnani as Ritesh Virani
• Puja Gupta as Puja Nigam
• Chandan Roy Sanyal as Vishnu Vardhan
• Angad Bedi as Niranjan "Nanj" Nair
• Boman Irani as Principal Sharma (special appearance)
• Darshan Jariwala as Jeevanlal
• Akbar Khan as Mr. Vardhan
• Mahesh Thakur as Mr. Nigam
• Vijay Kashyap as Mr. Nair
• Vivek Vaswani as Examiner
• Himani Shivpuri as Contest Judge
• Mithun Chakraborty as Himself (special appearance)
• Remo D'Souza as Himself (special appearance)

This film was a remake from the 2006 movie Accepted directed by Steve Pink.

The soundtrack is composed by Sachin - Jigar with lyrics penned by Sameer. The song "Le Ja Tu Mujhe" by Atif Aslam was in the top 10 chart busters of 2011.^{[citation needed]}