Smelly old king to put in action without conclusion (7)

I believe the answer is:

odorous

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'smelly' is the definition.
(I've seen this before)

I don't understand how the rest of the clue works.

(Other definitions for odorous that I've seen before include "Aromatic" , "Having a scent" , "Stinking" , "Smelling" , "Scented" .)

I've seen this clue in the Sydney Morning Herald.

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