Hi Volker,
There was nothing wrong with the ARIA hidden attribute.
The equations were not at all read by TalkBack and we thought it was something related to the MathJax plugin.
However, we followed the steps in the link you shared with us and understood that we need to select the proper settings (Activate the explorer, select ChromeVox rules, etc.) from the math context menu. These settings could also be configured programmatically.
When we tried to run our application with these settings, TalkBack started reading the equations beautifully :).
Thank you once again for your help. If it weren't your timely assistance, we would have been able to meet our delivery timeline.