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As a solution, I had to change my deployment architecture as follows.
swing_client --> extranet_ip |firewall | --> jboss5.1_machine
where the JBoss Application Server will be directly exposed through firewall. Then update clientConnectAddress in the remoting-jboss-beans.xml to the extranet IP. Also open the ports 8080 & 4446 in the firewall for this address.
This way the swing client is working if I use the jnid properties as follows.
Context.PROVIDER_URL : http://extranet_ip:8080/invoker/JNDIFactory
Context.INITIAL_CONTEXT_FACTORY : org.jboss.naming.HttpNamingContextFactory
But still looking for a solution where there is no need to open any non-standard ports and no need to expose the Application Server directly.