After looking at my FlightSafety manual, I believe the purpose is to prevent 48 volts from going into the electrical system during a series start. During a parallel start, power goes from the #1 battery through the start auxiliary bus and powers the left side of the aircraft, while power from the #2 battery powers the right side.
In a series start, the start over voltage relay opens and only the #2 battery is powering the distribution busses, through the start bus and the diode protecting the start aux bus.
The JetProps (840/980/900/1000) have a simplified system where the batteries don't have to go through the start bus to power the distribution busses in normal operation.