The meta tag content directives NOODP (NODP) , NOYDIR are meant to indicate search engines that ,they should not display listing of a Web site for the title and/or description from Open Directory Projects (ODP) like DMOZ and Yahoo! Directory.This is required because some times the directory title and description of a website might be different from the original title and description that webmaster used for his website.
The NOODP means NO Open Directory Project.

Webmasters can decide if they want to disallow the use of their ODP listing on a per search engine basis OR for all search engines who support the tag.
NOODP
To prevent Google, Yahoo or Bing from using the DMOZ and and Yahoo Directory title and description, use the noodp robots meta tag.
This will make sure that the title and descriptions are coming from the HTML title tag and Meta Description respectively
To prevent all search engines from using directory  information for the page’s description, use the following:

1 <meta name="robots" content="NOODP">

Google supports the META NODP tag. As mentioned above sometimes Google uses descriptions from the Open Directory Project as the title and snippet for a web result.
Read how Matt Cutts explains the NOODP here.

To prevent Google from using DMOZ information for a page’s description you can use the following:

1 <meta name="googlebot" content="NOODP">

For MSN search engine use the following,

1 <meta name=”msnbot” content=”NOODP” />

NOYDIR
Search engine Yahoo! supports the use of ‘NOYDIR’ Meta tag.To prevent Yahoo from using the from their own Yahoo! directory description and title next to the ODP listing, use the following,

1 <META NAME="Slurp" CONTENT="NOYDIR">

Slurp is the yahoo search engine spider.﻿