To get JBoss to run as a Windows service, you need to choose the 'Turnkey' install option, not 'Manual'.
I fixed this by following the below approach:
With the Turnkey option, there is an exe file "JBossService.exe". I executed the above file from "InstallJBossService.bat". I modified the batch file to point to the jboss folder to my installation.
With this I was able to get the JBoss as a service. The only thing I didnt understand is the batch file has a parameter "-shutdown 180", does this parameter specify anything about shutting down Jboss instance after a specified time.