This timezone issue is a known issue CZ#108197, and is under investigation.
Steps to replicate:
1. Before making the redudancy pair, set the time zone as "Asia India Calcutta" on both the Directors.
director(config)# clock timezone Asia India Calcutta
director(config)# write memory
2. Then make redudancy pair.
director(config)# standby make-primary 192.168.1.166 admin
director(config)# standby make-secondary 192.168.1.165 admin
3. Once the secondary Director is up, login the Director using standby user.
4. Then issue the "show clock" CLI command.
The Director displays the default time zone on the Director.
director # show clock
Time zone: Etc/UTC
5. After making secondary Director as Standalone, the time zone values are displayed correctly as shown below.
director (config) # show clock
Time zone: Asia/Calcutta
NOTE: Both the Director appliances are synced successfully in redundant mode and the heartbeat value get updated.