Correct time is not displayed

For some reason, for any event whatever time I specify the calendar shows time as @ 14:00 – 14:00
For example please see http://www.bizdivas.in/calendar/ in front end time is @ 14:00 – 14:00. In back end it is 8:00 am to 5:00 pm.
I have correct time zone settings. I am facing this issue for a long time but not able to fix it. Please help.