After debugging it seems that the status object is getting bound to my model. But I need to bind the string to my model.
$scope.Statuses = [
{name:'Not Started', value: 'Not Started'},
{name:'In Progress', value: 'In Progress'},
{name:'Completed', value: 'Completed'}
];
<select class="form-control" ng-model="counterMeasure.Status" ng-options="status.name for status in Statuses"></select>
select as label for value in array