Below is the steps to set the time zone for a particular node in VPS.
1. Login to the main node.(SSH).
2. Stop the node(container) which you want to set time.
# vzctl stop 777
777 = Container ID
3.Set the container to have capability to change the time zone.
# vzctl set 777 --capability sys_time:on --save
4. Start the container and login to it.
# vzctl start 777
# vzctl enter 777
5. Change your local timezone.
# mv /etc/localtime /etc/localtime_bk
# ln -s /usr/share/zoneinfo/America/Chicago /etc/localtime
6. Set the date
# date 100318312010
time has been set to 18.31 on 3rd Oct 2010
(10-Month, 03-Day, 06-Hours, 31-Minutes, 2010 -Year