You can uninstall or removes an installed adjtimex package itself from Ubuntu 12.04 LTS (Precise Pangolin) through the terminal,
$ sudo apt-get remove adjtimex
If you would like to remove adjtimex and it's dependent packages which are no longer needed from Ubuntu,
$ sudo apt-get remove --auto-remove adjtimex
If you use with purge options to adjtimex package all the configuration and dependent packages will be removed.
$ sudo apt-get purge adjtimex
If you use purge options along with auto remove, will be removed everything regarding the package, It's really useful when you want to reinstall again.
$ sudo apt-get purge --auto-remove adjtimex