We can re-produce it when using the ipmitool version from 1.8.11 to 1.8.14 in CentOS:
[root@slot18 Asia]# cp Kolkata /etc/localtime
[root@slot18 Asia]# ipmitool sel time set "07/13/2014 14:34:00"
07/13/2014 14:04:00
[root@slot18 Asia]# ipmitool sel time get
07/13/2014 14:04:08
Problem is in your BMC and not in ipmitool. Contact your server vendor.
Thanks!
bash-4.2$ /dev/shm/package-ipmitool/usr/local/bin/ipmitool -I dummy sel time set "07/13/2014 14:34:00"
07/13/2014 14:34:00
Hello,
this will be fixed in 1.8.17. My bad.
Z.