Hi Naman,
This is what did to make it work:
– renamed the Toolbar Button ID from SelectID to MenuSelectID
– renamed the 1st Action in the sequence from SelectID to ActionSelectID
I did the above because you used the same ID for the menu and for the action and that can cause confusion.
-for the 2nd action (GoToUrl) use the following for the source name ActionSelectID.RawData and then name is the url parameter that will be appended after the URL MyIDs you specify right after the Type of the action GoToURL
I selected 1 item and then hit teh custom action menu option and that redirects me to http:../start.aspx?MyIDs=3;
Please let me know how it goes.