Is your plant a 3 phase ungrounded delta or is it a 4 wire y connection and is the line voltage 600 or 480
We're in the UK, our voltages are different, and we don't use delta supplies. Our normal service except for new, very large installations is 230/400V 4-wire Y. So anything over about 430V is abnormal.
Let's look at the possibilities.
1) The high voltage does not exist. The voltages being shown are not the actual voltage present, due to interference from a VFD or similar, causing the instruments to malfunction.
2) The voltage actually exists, and is coming from the supply. This doesn't make sense. If you lose the neutral on a 230/400V supply, 230V single-phase circuits can receive anywhere between 0 and 400V. 3-phase circuits will still have 400V between each phase and another, but the neutral could be anywhere from 0 to 400V from each of them. Nowhere does the voltage rise above 400V.
3) The voltage is being produced within the panel / system. I don't think it's been explicitly stated what the control voltage of these contactors is. Do some / all of the coils operate at 230 or 400V? If there is a control transformer in the panel, a fault on the secondary that puts it in contact with a line of the primary, could add their voltages. It would be possible to have say 510V from one 110V control wire to one line wire, if the other side of the control supply is in contact with another line. There are some very unlikely scenarios that we could think up, where isolated devices that can behave like transformers could add to make higher voltages still.
But all of this is just conjecture if we can't see the circuit!