The panel is based on part of a small shrine to Bhairava set into an old wall just north of 'Nagaur Fort', in Nagaur, Rajasthan, India.
According to Hindu tradition, Shiva was in conflict with Brahma about the creation of the universe. Finally, he was so incensed at something Brahma said that he incarnated as Bhairava, produced a sword, and cut off one of Brahma's five heads.
There is of course much more to the story than that, but my overall impression is that the Hindu version of 'history' makes memorising 'War and Peace' look like a fairly simple proposition!
Though having said that - as a lapsed-catholic ex altar-boy - remembering all the comings and goings of the Old Testament would also be quite a challenge...