The ordinance, which has been approved by the union cabinet, reverses the Supreme Court judgment mandating the immediate disqualification of lawmakers convicted for a criminal offence punishable with a jail term of more than two years.
"We told the president that the ordinance is against the wish of the people and urged him not to sign it," AAP leader Arvind Kejriwal told reporters after the meeting.
He also "challenged" political parties opposing the ordinance to declare they will not give tickets to tainted candidates.
"The political parties say something, and do something else. I challenge all parties who are opposing the ordinance, declare that you will not give tickets to convicts and tainted candidates," Kejriwal said.
Asked about the president's response, Kejriwal said he listened to them but did not give any assurance. "President's role here is limited, he can only return the ordinance for reconsideration, we hope he does that," he said.