A date and time is shown as it was typed
A date and time typed on a form (a room closure, an assessment, an advising session) is your own clock's, and the lists show it back exactly as typed.
The time is read on the time zone in your Preferences, or your browser's when you have not chosen one, and kept as that moment. Somebody reading it in another time zone sees it on their own clock, with the zone named.
Room closures are checked against classes, bookings and exams on the company's own clock, the time zone of the company's country (Indian time for a company in India): a booking from 17:00 to 18:00 is refused when the room is closed from 16:30 to 19:30 that day.
Records saved before this change keep the moment they were saved as; a time that was shown shifted can be corrected by opening it and typing it again.