Common VEs are not allowed to update the system time
ve# ntpdate time.example.com
22 May 02:39:11 ntpdate[1895]: step-systime: Operation not permitted
Add the required privilege to a dedicated NTP VE
hn# vzctl stop 123
Stopping container ...
Container was stopped
Container is unmounted
hn# vzctl set 123 --capability sys_time:on --save
Saved parameters for CT 123
hn# vzctl start 123 Starting container ...
Container is mounted
Adding IP address(es): 192.168.1.123
Setting CPU units: 1000
Configure meminfo: 65536
Set hostname: ve123.example.com
File resolv.conf was modified
Container start in progress...
Try again…
hn# vzctl enter 123
entered into CT 123
ve# ntpdate time.example.com
22 May 02:43:04 ntpdate[3743]: step time server 12.12.12.12 offset -1.458977 sec