The first thing I recommend doing on your Linux VM server is running yum update. If you run ‘yum update’ after the installation you could see:
Kernel Panic after Yum Update – CentOS with Hyper-V Linux Integration Components, which would probably just add a few extra headaches.

Next, go to Microsoft, download and extract the Linux Integration Services package.

Next, install the Linux Integration Components:
Load the Linux Integration Components v2.1 iso into your VM.
When logged in as root, run:

mkdir /opt/linux_ic_v21_rtm
cp –R /media/CDROM/* /opt/linux_ic_v21_rtm
cd /opt/linux_ic_v21_rtm/
make
make install
reboot

If you see a message like this:

Updating module dependencies. This may take a while...depmod
make: depmod: Command not found
make: *** [install] Error 127

Have a look at Adding a Directory to Linux PATH Environment Variable first and then run this portion again:

make
make install
reboot

After reboot, if your VM is x64, login and run:

yum install adjtimex

Now, your VM should be good to go.