Mavhunga, 57, was released on $10 000 bail when he appeared before Harare provincial magistrate Vongai Muchuchuti-Guuriro on Friday.
He was ordered to surrender his passport, continue residing at the given address, report once every Friday at the Commercial Crimes Division and not interfere with witnesses.
Prosecutor George Manokore alleged that on February 20, the firm's chief executive Lazarus Muchenje was suspended from work and immediately lodged an urgent chamber application with the High Court challenging the legality of the board meeting that had resolved to approve the suspension.
He cited board members Susan Mutangadura, Winston Makamure, Mavhunga, Paradzai Chakona, Douglas Mamvura and NetOne as respondents.
On May 6, Mutangadura lodged a notice of opposition through an opposing affidavit.
The court heard in paragraphs 29, 63, 68, and 78 Mutangadura allegedly lied that Mamvura was not a board member at NetOne and that she had not been notified of the appointment when she had been duly notified through a letter dated February 12.
The letter had been copied to all board members by the acting company secretary Tinashe Severa.
The court heard that Mavhunga also submitted an opposing affidavit supporting and abiding by Mutangadura's sentiments.
According to the State, Mavhunga had no right to support Mutangadura's affidavit.
