The correct sentence is the second one: "The concert was due to start at seven o'clock, but the conductor didn't come until half past seven."
This means that the concert was scheduled to start at seven o'clock, but in fact it didn't start then. The start of the concert was delayed because of the late arrival of the conductor.
The first sentence does not make any real sense. 'About to start' describes a situation at a particular moment, when something was on the point of happening. For example, you might say this:
"It was seven o'clock and the concert was about to start. The orchestra members were ready to play and the audience was waiting. Then somebody realised that the conductor had not arrived."