Can an F-1 visa holder in USA be a partner in an outsourcing business in India with US clientele?

X is a doctoral student in US. He wishes to partner in an outsourcing business based in India with US clientele. He will not earn profit from the business; the money earned will either revert back to the business as long as he is a student, or be given over to someone else here in India. The few things he has to do are to attend conferences at schools and elsewhere, distribute a few visiting cards and brochures, and generally maintain initial contact with a few clients. He will not engage in financial transactions, nor will he do any work replacing a potential US citizen-employee, god forbid. He is not our employee, and it is even possible to have him do all these on a charitable basis for the firm. Would he face any difficulties from Immigration? Can a case accusing him of visa infringement be upheld in an unprejudiced court of law? How can he avoid the legal problems?