If the database is already in simple mode, it's definitely not Veritas' job to shrink the log. That's to do with flushing it after a backup *in full recovery mode* only.
You can try the following, from SQL Analyser:
DBCC SHRINKFILE(master_log, 10)
BACKUP LOG master WITH TRUNCATE_ONLY
DBCC SHRINKFILE(master_log, 10)
And then see what happens.